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Shoppers at Walmart stores can now earn the cryptocurrency equivalent of cashback when they spend in-store. StormX, a blockchain-based loyalty rewards platform, has enabled a ‘cryptoback’ option of 4% on Walmart purchases, and up to 14% for super-users of the rewards app. The mobile and web app developed by the Seoul-headquartered StormX also supports purchases from major brands including Samsung, Target, Microsoft (NASDAQ:MSFT), and Uber (NASDAQ:UBER).
Walmart (NYSE:WMT) is the largest retail chain StormX has added to date, and is the only cryptoback rewards service currently supported by the US multinational retail corporation. “Walmart is synonymous with choice and value, and we are thrilled to further incentivize users to shop there,” said StormX CEO Simon Yu. “As the only crypto cashback program for Walmart worldwide, we are confident that users will take advantage of the rewards program to earn their favorite cryptocurrency while shopping at their favorite retailer.”
Loyalty Apps Make It Easier to Claim Crypto
Loyalty rewards platforms such as StormX have emerged as a popular means of onboarding people to the cryptocurrency economy. Until relatively recently, retail users were obliged to go through exchanges or brokerages to acquire digital assets, which entails friction. Crypto-based rewards programs provide the means for shoppers to passively earn crypto without changing their behavior.
In addition to claiming cryptoback for shopping in-store and online, StormX users can earn crypto for completing tasks, making the app an all-in-one earning portal. Available on iOS, Android, and as a Chrome browser extension, StormX includes a non-custodial wallet for storing assets like BTC, ETH, LTC, and the native STMX token.
Defi Mania Fuels Crypto Craving
The cryptocurrency market is currently undergoing a resurgence, fueled by demand for decentralized finance (defi) and led by digital assets such as BTC, ETH, and LINK. The latter is up over 100% in the past month, and was boosted on August 13 by stock trader Dave Portnoy buying $50K of LINK on Gemini after being shown the ropes by the exchange’s owners, the Winklevoss twins. Portnoy shared his experience with his 1.7 million Twitter followers, and BTC and ETH both rallied strongly shortly afterward.
In addition to onboarding newcomers to crypto, platforms such as StormX complete the circle by providing an off-ramp for holders of crypto assets, allowing tokens to be stored in its integrated wallet and then spent. Other companies bridging the gap between fiat and crypto worlds include payment gateways such as Simplex and Metal Pay by making it easier to switch between digital assets and fiat currency instantly and at low cost.
StormX’s integration with Walmart will further blur the lines between traditional and digital finance, while helping to place crypto in the hands of consumers via smartphone devices.