Retail cashback reward programs are very popular among consumers. A majority of banks and credit card companies often utilize them to entice customers to use their services. Simply put, cashback reward programs are a great way for businesses to drive sales, drive volume, and even reward customers. In fact, several cryptocurrency firms such as Coinbase and BlockFi have revealed that they intend to introduce crypto-backed debit and credit cards that offer cashback rewards in crypto.
With that said, one Seattle-based cryptocurrency project has realized that cashback rewards are also a great way to introduce people to the world of cryptocurrencies. Through the cashback concept, online shoppers now have the opportunity to earn crypto as they shop. StormX is taking advantage of the popularity of cashback rewards and is offering a blockchain-based cashback program for online shopping with over 1,000 retailers. What is StormX and how exactly does it work? Let’s find out in the next section.
What is StormX?
StromX is a decentralized global crypto-based cashback solution that runs on Ethereum. Users can engage with it by either installing the Chrome browser extension or by downloading the mobile app version of it. StormX aims at enabling users to earn rewards and cashback in crypto for their online purchases. However, the rewards differ in size depending on a participant’s membership level. It also offers additional features such as micro-task rewards where participants earn rewards by taking quick surveys and completing simple marketing tasks.
Some of the key features of StormX include:
- Cashback Services
StormX users can now earn cashback rewards at any of more than 1,000 online retailers. This includes retail giants such as Lenovo, Nike, Samsung, eBay, among others. The number of rewards earned depends on a user’s membership levels.
Although cashback rewards are the backbone of the platform, StormX also offers micro-tasking services as a way to earn STMX. By doing small tasks such as online surveys, trying out new apps or games, users can earn some extra STMX tokens as rewards for participation. Rewards are also available in other kinds of coins such as ETH, LTC, YFI, DAI, and BTC.
StormX’s main product is cashback services. However, the platform is diversified in regard to its product range. It offers several products to its users. These products include:
Users of StormX can still earn annual interest from their staked amounts with amounts accrued from staking being distributed to users on a weekly basis. There’s a guaranteed 10% annual return on every staked STMX. Not to mention, whenever you stake your tokens, you are not locked into a contractual obligation that requires you to stake them for a particular period of time. You can stop staking and access your tokens at any time.
StormX Debit Card
The StormX debit card is another product that allows its users to make purchases anywhere where Google Pay, Samsung Pay, or Apple Pay is accepted. Funds on the debit card are held in STMX and are only converted to fiat money at the time of purchase.
There are six membership levels which include; Purple, Bronze, Silver, Gold, Platinum, and Diamond. The higher the platform level, the higher the final reward. Therefore, if someone were to make a purchase at one of the many partners, the Purple level membership may earn a crypto cashback of around $9 USD while the Diamond membership may earn a crypto cashback of around $31.50 USD.
The StormX coin, popularly known as STMX, is StormX’s native cryptocurrency for the platform. Because StormX is Ethereum-based, STMX is an ERC20 token that’s compatible with any and all Ethereum-based wallets. However, in order for this to work, the wallets must be connected to the StormX app. STMX was first listed on CoinmarketCap in 2017. In 2018, it experienced a subdued performance thanks to the market crash. However, this year, StormX has expanded its partner network, therefore, successfully growing in value since February 2021.
You can use STMX for two purposes; staking and governance. Governance is more straightforward as all you have to do is visit governance.stormx.io using a supported browser. Supported browsers include Chrome, Safari, or Microsoft Edge. You will be presented with all the proposals that are currently being voted upon along with a pie chart that reveals the current voting status. When it comes to staking, users are guaranteed a 10% annual yield from staking their STMX tokens.
What is the difference between STORM and STMX?
The STMX token was previously referred to as STORM. In 2017, StormX held an ICO whereby the STORM token was sold helping the platform raise around $32 million USD. STORM tokens were replaced by the newer STMX tokens in June 2020. STMX tokens featured new security improvements that STORM tokens lacked, thus improving the overall decentralization of the platform. Additionally, you can stake STMX tokens today but it was impossible with the previous STORM tokens. The whole swap process ended in November 2020.
How to exchange ETH to STMX Crypto?
If you are looking for a platform that can help you exchange ETH to STMX crypto without any hassles, then we recommend using Swapzone. SMTX exchange process is fairly simple and we will let you know how to do it below:
Step 1. Head on the official Swapzone.
Step 2. Once you are on the homepage, you will see THE “select pair” tab. Insert ETH in the “send” section along with the number of ETH you wish to swap out.
Step 3. In the “get up to” section, simply select STMX coin as the cryptocurrency you wish to receive.
Step 4. Swapzone will immediately offer you several conversion rate offers from a number of the exchange partners. You will notice that there is an option to filter out results. Take your time and figure out which offer you want.
Step 5. Once you’ve come across an offer that you want, simply select it and click on “exchange”. A new window will pop up requesting that you provide your wallet details and email address.
Step 6. Once you’ve entered these details and want to continue, click on “proceed to exchange” to begin the transaction.
Step 7. The transaction will start. It may take a little while so be patient while the process runs.
Step 8. The exchange partner you selected will process your transaction and you will receive STMX tokens in your wallet. At this point, take a moment and rate the exchange partner and leave an honest review.
StormX to USD Price
At the time of writing, STMX occupies rank 198 on CoinMarketCap, with one STMX going for the price of $0.021666 USD. Over the last 24-hours, the coin has a trading volume of $9,469,192 USD and a live market cap of $216,659,844 USD.