# kaal:claim:3227933-036

**Claim.** Unlike a conventional corporate loyalty program, company or industry tokens offer liquidity, because platform participants can sell and transfer them on crypto exchanges or secondary markets, which integrates the token and the platform into the mainstream economy.

**Type.** mechanism  **Support.** argued

**Holds when.**

- existence of crypto exchanges or secondary markets

**Source quote.**

> Platform participants can sell and transfer them to other interested parties on crypto exchanges or secondary markets. These parties could be the "public" or a more restricted and pre-defined group of people. Either way, it integrates the token (and the platform) into the mainstream economy.

**From.** Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, *Why 'Blockchain' Will Disrupt Corporate Organizations* (2018), 8. Crypto Coins and Tokens, page 17

**Cite as.** Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, Why 'Blockchain' Will Disrupt Corporate Organizations (2018). SSRN: https://ssrn.com/abstract=3227933

**Verify.** sha256 of source PDF `a9e9660c4dc25a2202f1da4e762f5885256e05f68c53ca51942f5833a7a4c108` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Fenwick%20et%20al.%20-%202018%20-%20Why%20%27Blockchain%27%20Will%20Disrupt%20Corporate%20Organizations.pdf

**Topics.** tokenomics, defi, economics

**Keywords.** tokens, liquidity, secondary-markets, loyalty-programs

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