Rewards Are Trending in a Big Way
Bitcoin’s scarcity is one of its biggest strengths, and the crypto community are obsessed with obtaining as much as possible.
For the first five years of cryptos existence, advocates mined their holdings. For the following five years, Bitcoin became popularized and investors started to buy crypto. Now, in the 3rd stage of crypto’s lifetime, people are looking to earn crypto.
This earning phase could be the key to mass adoption. Volatility is one of the biggest fear-factors for new investors; the thought of parting ways with tangible cash for a digital coin that regularly drops over 10% in value can be a scary prospect.
However, if you can earn crypto without any risk, those who are sitting on the fence are much more likely to dip their toes in the water, which is all it takes to fall into the rabbit hole that is crypto.
There has been a tonne of innovation surrounding earning crypto. This includes the rise of yield farming, lending protocols, staking, and more. However, some of these connote risk to the end-user.
Crypto Start-Up Leading The Way
One crypto startup that appears to have finessed the rewards formula is Plutus. Plutus is a finance app that gives users 3% back in crypto rewards every time you make a purchase. This comes without the need to stake thousands of dollars in a token so there is no barrier to entry for newcomers, they simply spend regular money and earn crypto rewards in the process, which is a great way of inadvertently introducing the wider public to crypto.
However, Plutus also has an additional money-saving program called Plutus Perks for those who do decide to stake the company’s native token, Pluton (PLU). This offers people additional benefits and crypto rewards at household name brands such as Amazon, Sky, Vodafone, Nike and more.
Most recently, Plutus has announced a partnership with Bidroom, an online travel agency, to offer customers up to 25% discounts at over 160,000 hotels worldwide. These fiat discounts coupled with the crypto rewards can amount to huge savings and makes it one of the few loyalty program that a user could derive real value from.
Other FinTech’s Driving Rewards
Two other FinTechs that appear to have achieved great success from similar, albeit smaller, reward program are Revolut and Curve.
Curve offers 1% in cashback on 3 retailers of your choice and this feature catapulted fintech into mainstream attention. Having launched their beta app in 2016, Curve has now amassed over 2 million customers as of January 2021.
Revolut has developed numerous reward features including Revolut Perks, which offers discounts at partnered brands; Revolut Shopper, a browser extension that adds promotional codes and discounts at checkout; and Revolut Metal, which adds 1% cashback in any currency of choice.
Given the phenomenal growth rates of both Curve and Revolut, and Plutus’ superior reward rate, it would not be surprising to see the emerging fintech rival the likes of such neo-banking giants.