Operator of South Korea’s Largest Rewards Service Adopts Blockchain Identity Infrastructure

Moca Network, a decentralized digital identity initiative by Animoca Brands, has launched a verifiable loyalty platform developed with Spree Finance and SK Planet.

Decentralizing Identity for Millions of Users

Moca Network, the decentralized digital identity initiative by Animoca Brands, has launched AIR Shop, one of the world’s first verifiable loyalty platforms. Developed in collaboration with Spree Finance and South Korean tech leader SK Planet, AIR Shop aims to transform traditional rewards into transparent, interoperable Web3 assets.

The partnership marks a significant milestone, with SK Planet adopting Moca Network’s enterprise-grade decentralized identity infrastructure. SK Planet, operator of OK Cashbag—South Korea’s largest integrated rewards service—is integrating AIR Identity, Moca Network’s flagship digital identity protocol.

This integration enables verifiable identity services for 29 million OK Cashbag users and 95,000 merchants, secured by zero-knowledge proof technology. The system ensures user data sovereignty while supporting high interoperability across platforms.

“Partnering with Moca Network to launch AIR Shop allows us to extend our ecosystem into Web3 while continuing to serve our millions of users with greater value and more exciting experiences,” said Kyosu Kim, chief business officer of SK Planet.

Users can earn rewards worth up to 31% of their spending, depending on their membership tier. Points are denominated in AIR SP, the platform’s stablecoin-backed loyalty point system, and can be redeemed or spent transparently on-chain.

“AIR Shop represents a new era of verifiable loyalty—rewarding users with precision while preventing reward abuse and giving users ownership of their data,” said Kenneth Shek, project lead at Moca Network.

Driven by New Standards and Privacy Demands

Shek explained that verifiable loyalty programs differ from traditional ones by making status and rewards globally recognized and universally trusted. Through verifiable credentials, users can carry their loyalty identity across multiple platforms and merchants, turning previously siloed points into interoperable, on-chain assets.

“What makes AIR Shop even more powerful is the use of stablecoin-backed rewards,” Shek added. “Unlike traditional loyalty points, which can fluctuate in value or expire, these tokenized rewards give users confidence that their earned value will hold over time.”

Shek cited two key reasons for launching AIR Shop now: the growing adoption of decentralized identifiers and verifiable credentials as authentication standards across governments, enterprises, and blockchain ecosystems; and shifting consumer expectations around data privacy.

“People are now much more hesitant to share personal data with centralized platforms unless they see clear benefits or have control over their information,” Shek said. “Verifiable identity solutions make it possible to prove your identity without exposing sensitive information, aligning with a privacy-first mindset.”