Seattle-based cryptocurrency earning platform StormX has now made its StormShop feature available to mobile users. StormShop offers users cashback in cryptocurrency rewards when they do their everyday shopping. The platform has already signed up over 400 participating outlets in the retail, food, travel, and entertainment sectors, with brands including Samsung, Microsoft, and GameStop.
StormX was established in 2017 and has amassed a global base of 2.5 million users across 187 countries through its signature platform, StormPlay. It enables users to earn cryptocurrencies as a reward for completing “micro-tasks,” such as participating in a survey or testing a new feature in an app.
The company branched out into StormShop late last year when it started offering users the opportunity to earn cryptocurrencies while online shopping using a Chrome browser plugin. Now, it’s extending the same feature to mobile users. Given that many of today’s consumers are heavily mobile-centric, it seems that the move is likely to increase the appeal of StormShop to a far broader user base than offering a desktop plugin alone.
The rewards on offer are far from negligible, with some retailers offering up to 40%. Users earn in the native points of the platform, known as “bolts,” which they can then convert to one of five cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Dai, or StormX’s own STORM tokens. The StormShop feature is already live for users in the US and Canada, and will soon roll out to other regions.
In the press release accompanying the announcement, StormX CEO and co-founder Simon Yu stated:
“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. We are eager to continue these expansions, providing an easier entry point to cryptocurrencies for everyday consumers.”
A Broader Trend
StormX isn’t the first to start offering crypto cashback rewards to shoppers. Lolli is a dedicated platform for providing users with cashback when they shop at brands, including Expedia, Gap, and Groupon, using cryptocurrency. However, Lolli is currently only available as a browser extension.
The opportunity to earn crypto rewards isn’t just limited to store integrations, though. Crypto users have other options, such as using a crypto debit card that offers cashback. These work in the same way as a regular debit card, but spent funds are deducted from crypto wallet balances rather than a bank account. Crypto.com offers one with cashback rewards of up to 5%, which are calculated on a sliding scale based on how much MCO token the user is willing to stake. These also come with additional rewards for power users, such as free Netflix and Spotify subscriptions.
The trend for cryptocurrency cashback rewards mirrors a broader market trend towards passive income for crypto users. Whereas the old “buy-and-HODL” mindset involved holding on and hoping one’s assets would appreciate, users now have various means of putting their cryptocurrencies to work. This trend is perhaps most clearly visible in the staking and lending markets.
For example, centralized lending app Celsius Network now claims to have over 77,000 active wallets and has originated close to $5.5 billion in loans. Meanwhile, Compound, Celsius’ biggest decentralized competitor, has grown from $25 million in staked ETH to $175 million in the last year alone. On both platforms, users can earn around 3-12% from lending out cryptocurrencies.
Whether or not crypto will continue to yield the kind of generous passive returns and cashback we’re currently seeing remains to be seen. However, while they exist, users have plenty of opportunities to turn a profit from their portfolios.