Blockchain microtask and earning platform StormX has announced the launch of StormShop, a mobile app integration that lets users gain crypto rewards every time they buy online or answer surveys. StormShop will be available via the company’s popular StormPlay application, which boasts over 2.5 million users in 187 countries, including the U.S. and Canada.
Earn rewards in your favorite crypto
Over 400 merchants across industries such as travel, food, retail and entertainment have been onboarded, offering plenty of potential for users to earn up to 40% crypto cashback, paid in BTC, ETH, LTC, DAI or STORM. Recognized merchants include leading names such as Samsung, Microsoft, Groupon, Macy’s, New Balance and GameStop, with more to follow in the coming months according to the press release.
Although StormShop has been natively integrated for iOS and Android mobile users, it is already available as a free ecommerce browser plugin, compatible with most web browsers including Chrome, Opera and Brave. Users are paid in reward points called Bolts, thereby helping to mitigate volatility risk, and these can be redeemed in the aforementioned cryptos using connected ERC20 wallets or Coinbase accounts. The app, meanwhile, features a leaderboard so users can see how they stack up compared to other shoppers.
“We are now able to reward shoppers with some of the most secure and popularly adopted cryptocurrencies in the world when they shop online at their favorite retail stores,” said StormX CEO and Co-Founder Simon Yu. “We are eager to continue these expansions, providing an easier entry point to cryptocurrencies for everyday consumers.”
The growth of crypto reward programs
Rewards schemes and customer loyalty programs are extremely popular in the retail sector, offering consumers perks such as free express delivery, exclusive offers, store credit and discounts on future purchases. Last year, PayPal acquired shopping rewards platform Honey for a cool $4 billion. Founded in 2012, Honey specializes in cash-saving tools including a special rewards program, Honey Gold, boasting 17 million monthly active users.
This is something that companies operating in the cryptosphere have recognized and attempted to replicate; payment platform Wirex gives customers up to 1.5% back on all purchases in bitcoin (and $10 if you refer a friend) while Crypto.com rewards holders of its Visa card with 1% cashback via its MCO token.
In fact, there are countless such schemes in operation. TAP Network, a decentralized advertising network, lets users connect their credit card and receive reward points (up to 10%) when making purchases at participating hotels, restaurants and retailers. Lolli – an in-browser extension similar to StormShop – also lets users stack sats simply by shopping online, with support from over 900 retailers including Walmart, Expedia, Adidas, Gap, hotels.com, Sonos, Hilton and Saks Fifth Avenue. The best cashback rate currently on offer is 27%, for purchases at Harry’s.
As for Coinbase, it takes the rewards concept one step further by incentivizing users to learn about crypto, paying them to complete short courses on the likes of Orchid, a privacy tool, and the EOS protocol.
More users than ever are interested in passively earning cryptocurrency, and with a wide selection of mobile apps and browser extensions available, it’s getting easier to do just that.
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.