Yanolja: A Global Travel Tech Leader
Yanolja is a South Korean travel and leisure platform founded in 2007 by CEO Lee Su-jin, headquartered in Seoul. It has evolved from a domestic lodging reservation app into a global travel tech powerhouse, leveraging AI, big data, and cloud solutions. In 2024, Yanolja rebranded its consumer platform as NOL under the NOL Universe, integrating its services with InterparkTriple to offer a seamless ecosystem for lodging, flights, transportation, leisure, and ticketing. Yanolja operates in two core segments:
1. Consumer Platforms (NOL Universe):
The NOL platform (formerly Yanolja app) provides booking services for accommodations, flights, and leisure activities, targeting both domestic and international users. It serves over 230 countries, with 6 million foreign users on Interpark Global by NOL for K-pop, performances, and travel content. Other platforms include NOL Tickets (formerly Interpark Tickets) and NOL Interpark Tour, consolidating Yanolja’s consumer offerings.
2. Yanolja Cloud Solutions (B2B):
Yanolja Cloud Solutions (YCS) connects 1.33 million businesses across 206 countries, offering AI-driven inventory management, pricing optimization, and integration with global OTAs like Expedia, Agoda, and Booking.com. In 2024, YCS was named Expedia Group’s ‘2025 Elite Connectivity Partner’ for the third consecutive year. The 2023 acquisition of Israel-based GoGlobalTravel (GGT) bolstered Yanolja’s B2B data capabilities, enhancing its global distribution network.
Financial Performance (2024):
- Revenue: 924.5 billion KRW (22% YoY growth).
- Operating Profit: 49.2 billion KRW (1,782% YoY surge).
- Total Transaction Value (TTV): 27 trillion KRW (186% YoY growth).
- Adjusted EBITDA: 114.7 billion KRW (68% growth, 12% margin).
- Yanolja Cloud contributed 30.54% of Q3 2024 revenue, with a goal to reach 50% by 2025.
Global Ambitions:
Yanolja is preparing for a NASDAQ IPO in 2025, targeting a valuation of 10–13 trillion KRW. It established Yanolja US LLC in February 2024 and appointed Alexander Ibrahim, a 20-year NYSE veteran, as CFO to steer the listing. Partnerships with Google Cloud, OpenAI, and Saudi Arabia’s tourism initiatives highlight its global AI-driven strategy. Yanolja’s presence at the 2025 Davos World Economic Forum underscored its role in travel tech innovation.
Milk Coin (MLK): A Blockchain-Based Loyalty Platform
Milk Coin (MLK) is the native cryptocurrency of the Milk platform, developed by Milk Partners, a South Korean blockchain project. Milk aims to integrate disparate loyalty programs across industries into a unified blockchain-based system, allowing users to convert, trade, or cash out points using MLK. Launched in 2020, Milk has partnered with major Korean brands, including Yanolja, Shinsegae Duty Free, CU (convenience stores), and mobility firms like Dilka and Seoul Airport Limousine.
Key Features of Milk Coin:
- Purpose: Milk enables interoperability of loyalty points. Users can convert partner points (e.g., NOL Points, Shinsegae Points) into MLK, which can be used across Milk’s partner network, traded on exchanges, or converted to cash.
- Blockchain: Built on Ethereum, Milk ensures transparency and security in point transactions.
- Market Presence: MLK is listed on Korean exchanges like Upbit and Bithumb, with historical price surges tied to Yanolja’s growth (e.g., 73% spike in April 2023 and 25% in June 2024 following Yanolja’s IPO news).
- Partnerships: Beyond Yanolja, Milk collaborates with Shinsegae Duty Free (God Points), CU, and others, expanding its ecosystem.
Integration of Milk Coin with NOL Points
NOL Points are Yanolja’s loyalty rewards, earned through bookings on the NOL platform (e.g., hotels, flights, leisure activities). These points can be used for discounts or converted into MLK via the Milk platform, enhancing their utility. Here’s how the integration works:
1. Conversion Process:
Users link their Yanolja account to the Milk app (available on App Store and Google Play). NOL Points can be converted to MLK at a predefined rate (specific rates vary and are not publicly detailed in available sources). For example, a user might convert 1,000 NOL Points to a corresponding MLK amount.
Once converted, MLK can be used within Yanolja for additional bookings, transferred to other Milk partners (e.g., Shinsegae Duty Free), or sent to crypto exchanges like Upbit or Bithumb for trading or cashing out.
2. Usage in Yanolja:
MLK can be converted back to NOL Points for use on the NOL platform, allowing users to pay for travel services like accommodations or tickets. In 2020, Yanolja introduced Yanolja Coin, a promotional token (not a cryptocurrency) to bridge NOL Points and MLK.
Users could earn Yanolja Coin through events and convert it to MLK via the Milk app, which could then be used as NOL Points or traded. However, Yanolja Coin’s role has diminished with the NOL rebranding, and NOL Points now directly integrate with MLK.
3. Technical Implementation:
The Milk platform uses blockchain to ensure secure and transparent point conversions. When a user converts NOL Points to MLK, the transaction is recorded on the Ethereum blockchain, preventing fraud and enabling traceability.
Yanolja also explored Decentralized Identity (DID) technology for non-contact check-ins, leveraging blockchain for secure user verification, which aligns with Milk’s infrastructure.
4. User Experience:
The Milk app provides a user-friendly interface for managing points. Users can scan QR codes or use account linking to initiate conversions.For example, a user booking a hotel on NOL earns NOL Points, converts them to MLK, and uses MLK to purchase Shinsegae Duty Free products or trade on Upbit for cash.
Synergy Between Yanolja and Milk Coin
The partnership between Yanolja and Milk Coin creates a mutually beneficial ecosystem, with significant potential for synergy, particularly as Yanolja expands globally. Below is a detailed analysis of their synergy:
Enhanced User Flexibility and Engagement
- Benefit for Yanolja**: Integrating NOL Points with MLK allows Yanolja users to use their rewards beyond the NOL platform, increasing customer retention. For instance, a user earning NOL Points from a hotel booking can convert them to MLK and spend at CU or Shinsegae, creating a seamless cross-industry experience.
- Benefit for Milk: Yanolja’s massive user base (over 40 million app downloads and 6 million international users) drives adoption of the Milk platform. As Yanolja’s NOL platform grows, more users are exposed to MLK, boosting its transaction volume and market relevance.
- Example: A traveler earning 5,000 NOL Points from a trip can convert them to MLK, use part for a Shinsegae purchase, and trade the rest on Upbit, enhancing the perceived value of Yanolja’s loyalty program.
Global Expansion Potential
- Yanolja’s Global Reach: With operations in 206 countries and partnerships with global OTAs, Yanolja’s NOL platform is well-positioned to introduce NOL Points (and thus MLK) to international markets. The Interpark Global by NOL platform, targeting 6 million foreign users, could integrate MLK for global loyalty rewards.
- Milk’s Role: Milk’s blockchain infrastructure supports cross-border point interoperability, making it feasible for NOL Points to be used globally via MLK. For example, a Japanese tourist booking through NOL could convert NOL Points to MLK and use them with a Milk partner in Japan, if such partnerships expand.
- Challenge: Milk’s current partners (Yanolja, Shinsegae, CU) are primarily Korea-focused, limiting global utility. Expanding Milk’s partner network to include international brands is critical for realizing this synergy.
Financial Upside
- Yanolja’s Growth: Yanolja’s 2024 TTV of 27 trillion KRW and projected 2025 EBITDA of 200 billion KRW signal robust growth, which historically boosts MLK’s price (e.g., 25% surge in June 2024). A successful NASDAQ IPO could further elevate MLK’s value by increasing Yanolja’s visibility.
- Milk’s Market Potential: As more Yanolja users adopt MLK, transaction volumes on the Milk platform increase, potentially driving MLK’s market cap. However, MLK’s value remains tied to Yanolja’s performance, making it vulnerable to any slowdown in Yanolja’s growth.
AI and Blockchain Synergy
- Yanolja’s AI: Yanolja’s vertical AI optimizes travel recommendations and pricing, encouraging more NOL Point accumulation. For example, AI-driven promotions could incentivize users to earn and convert points to MLK.
- Milk’s Blockchain: The secure, transparent nature of blockchain enhances trust in NOL Point conversions, appealing to tech-savvy users. This aligns with Yanolja’s non-contact check-in initiatives using DID technology.
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