‘BigCoin’: AirAsia is developing a cryptocurrency

Air Asia has confirmed plans to foray into the fintech sector with the launch of a proprietary cryptocurrency called BigCoin. AirAsia founder and CE Tony Fernandes underlined the airline’s plan to expand into new markets alongside the launch of BigCoin, a proprietary cryptocurrency that will see its own initial coin offering. It remains to be seen if AirAsia is developing its own blockchain or intends to use an existing blockchain platform for BigCoin. The airline will turn its frequent flyer points into BigCoin, Fernandes said, adding that ticket prices on the airline’s website will be revealed in BigCoin alongside prices in fiat currencies from this month onwards. Fernandes says he sees cryptocurrencies as a "tool to alleviate currency fluctuation risks from overseas revenue". <br/>