Connect with us

Cryptocurrency

Crypto Cash Back, Rewards Platform StormX Introduces Referral Program

Published

on


The new referral program of StormX provides a win-win opportunity for both existing as well as future users. The existing users can earn up to $1000 for each referral. On the other hand, new users will benefit from the platform’s cashback rewards system.

On Wednesday, October 21, cryptocurrency rewards platform StormX introduced a new referral program for its users. StormX is a popular player in the market and allows users to earn cash back for shopping across 500 online stores worldwide. The platform also supports some of the very big e-commerce players like AliExpress, eBay, Nike and others.

The new referral program from StormX rewards existing users nearly $1000 worth of digital currencies for every new friend who they refer to the platform. The condition is that the friend must also signup for a Gold, Platinum, or Diamond membership level. Besides, they must maintain their membership for a period of at least 90 days.

For each new referral user joining the Gold membership of StormX, the referrer earns $40. Similarly, the referrer earns $450 for each Platinum users and $1000 for each diamond users joining StormX. The users of the StormX app earn a variable crypto cashback percentage for orders place through the app on its supported stores.

Depending on the membership level, the cashback can vary from a few percent to as high as 87.5%. The cashback solution is implemented and supported by ultra-secure blockchain technology. StormX co-founder and CEO Simon Yu said:

“With the potential to earn up to 5.6% cashback at eBay, 22% from AliExpress, and 24.5% cashback at Agoda, StormX offers incredible value for users and an easy way for everyday shoppers to easily gain exposure to a wide array of cryptocurrencies, including Bitcoin, Ethereum, and our native StormX token”.

StormX’s ability to adapt to the latest crypto trends also helps it maintain its popularity in the market. Last month, the crypto cashback app also added support for the Yield-Farming DeFi token Yearn Finance (YFI).

StormX to Introduce Staking Rewards

As per the latest plans, StormX also plans to bring the staking rewards feature in the ongoing fourth quarter of 2020. Thus, users would be able to participate in the passive income generation by staking the StormX tokens (STMX) through the app.

Ever since StormX launched its Shop feature this February, the platform has seen massive growth in its user base. With over 350,000 registered users, the response to online shopping has also been incredible. Sales through the StormX app have also doubled consistently every passing month.

The StormX app also clocked nearly 2.5 million app downloads along with the sharp rise in the adoption of its cashback solution. StormX said that it will strive further to make cryptocurrencies and cash back available to more people. Future developments with staking rewards will certainly help it achieve new milestones.

Cryptocurrency news, News

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



Source link

Cryptocurrency

Money on Chain Launches New Bitcoin-based DEX

Published

on

By


Money on Chain and RSK are further making the case for BTC being the hub around which defi revolves, the future is looking bright for Bitcoin.

Money on Chain, known for its Bitcoin-collateralized, dollar-pegged stablecoin DoC, has announced the launch of a new decentralized token exchange called TEX. Built on Bitcoin smart contract sidechain RSK, TEX automates token swaps using smart contracts and gives traders access to assets such as DoC, defi token BPro, RSK’s RIF token, and bitcoin-pegged rBTC.

The DEX landscape is fiercely competitive, with the likes of Uniswap, Aave, 1inch, and Curve vying for market dominance, albeit all focused around the Ethereum ecosystem. With TEX, Money on Chain hopes to capture a piece of the action while providing traders with a high level of functionality and fair price discovery. The TEX will feature two types of orders, Limit Orders and Market Maker Orders, and is already available for trading.

Following the London Gold Fix Standard

The platform relies upon a unique trading mechanism inspired by the method favored at The London Gold Fix, which sets the value of gold twice daily. Order execution will occur on the basis of “ticks,” which occur every few minutes and enable the order book to facilitate price discovery before the match is made. The frequency of ticks is determined by market activity.

“The TEX is an important piece of the Money On Chain protocol,” says Max Carjuzaa, co-founder of Money On Chain. “The decentralized order book ensures a fair and transparent price discovery process and establishes a secondary market for tokens.”

“Decentralized exchanges, together with sovereign digital identities, will play a key role in Bitcoin’s future and provide the core tools for financial freedom,” added Diego Gutierrez Zaldivar, CEO of RSK’s parent company IOVlabs.

Bringing Defi to Bitcoin

Most of the projects focused on BTC-based defi have attempted to bring Bitcoin to decentralized finance by recreating it on Ethereum. This has entailed wrapping BTC (WBTC) or otherwise custodying it on the Bitcoin network (SBTC, renBTC, tBTC) before unlocking a corresponding amount represented on the Ethereum side. Money on Chain is taking a reverse approach, by recreating Ethereum services on Bitcoin, unlocking new capabilities for BTC-backed assets such as rBTC.

The demand for BTC as collateral for lending, borrowing, and stablecoin issuance is certainly high; almost $3 billion of BTC has been issued on Ethereum. If Money on Chain and RSK can capture even a fraction of that value within the BTC-anchored ecosystem they’ve constructed, it will strengthen the case for Bitcoin defi, and may lure Ethereum developers into the house that RSK has built.

Defi Loves BTC

The number of ways in which Bitcoin can be used to interact with defi protocols and generate yield continues to increase. From the long summer of yield farming, when WBTC was used to mint tokens on “dotfinance” projects, into the winter of reinvention, when only farming projects with the strongest fundamentals have survived, WBTC has been at the heart of the action. Money on Chain and RSK are further making the case for BTC being the hub around which defi revolves, the future is looking bright for Bitcoin.

next Altcoin News, Bitcoin News, Cryptocurrency news, News

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



Source link

Continue Reading

Cryptocurrency

Watch These Two Alts Closely: ETH and XRP Analysis

Published

on

By


The rally in the crypto-market undergoes as Bitcoin is only a few hundred dollars away from hitting its all time high. Bitcoin dominance is dropping drastically since November 18 providing enough space and volumes for the boost of altcoins. This week only Bitcoin dominance is down to 3.35%.

Bitcoin dominance is in a downtrend since 2019 as more altcoins are introduced to the market.

The November 18 drop of Bitcoin dominance boosted volumes to altcoins, such as Ripple and Ethereum. Both projects recently have introduced significant updates. Ripple announced that it’s now working with Central Banks and launched XRP Ledger promotions, Ethereum completed the Staking round for its PoS transition.

XRP/USD since November 18 has gained a hefty +96.27 and touched a high of September 21. 2018 at $0.7814140. On a daily chart there is still enough room for Ripple’s price to grow, though RSI is pointing that further correction is inevitable.

XRP / USD quote on Overbit

In spite of the fact that Ripple was rejected by the resistance at $0.7814140, an hourly chart suggests that we should be prepared for another bull run. There is a symmetrical triangle on an hourly chart of XRP/USD and the pair has tested the upper edge of the triangle three times already. Breakout from the triangle will pump the price higher.

XRP / USD quote on Overbit

RSI on an hourly chart indicates that Ripple has completed the correction and is no longer on the oversold dead-zone of the indicator, MACD line has touched the signal line and is about to cross to confirm the bullish run, there is one more confirmation to be made which is a breakout from the triangle. If Ripple breaks below the triangle, support levels to watch are $0.618900 and $0.571720.

On November 23, Ripple announced that it officially added Bank of America as a RippleNET lead member. Bank of America is one of Ripple’s oldest clients contributing to the network since 2016, though only this year Ripple listed Bank of America among the other major banks, such as Santander, PNC and Nium. With such “coming out” Bank of America clearly states that Central Banks and the FED are looking towards CBDC’s and instant low-cost cross-border payment solutions.

Ethereum has shown significant growth as well, though I was sceptical on the completion of the staking, it went as planned and 524 288 ETH were staked at the Ethereum 2.0 contract. The official launch of the Ethereum 2.0 is planned on December 1, which is another date to watch for Ethereum investors and traders.

Just like Ripple, Ethereum’s token ETH still has a lot of room for growth. The bullish sentiment of ETH/USD is backed by one interesting pattern on a daily chart – double bottom.

ETH / USD quote on Overbit

ETH/USD has reached $623 and almost tested the high of June 03, 2018 at $625 and based on the double bottom pattern, the growth may continue up to $837 in mid-term. For the short-term there are several resistances that ETH has to overstep in order to continue the surge.

As seen on an hourly chart below, the pair has formed a bullish flag and the upper edge of the flag which simultaneously is a short-term dynamic resistance is still intact.

ETH / USD quote on Overbit

The most congenial price action at this point would be a decline towards $577 – $578, where the pair will hit the dynamic support and MA100, and a massive uptrend move. Nevertheless, the uptrend will be confirmed only if ETH closes above the dynamic resistance. If the breakout is confirmed in the nearest time, Ethereum will proceed further and close above this year’s high of $623.

The launch of Ethereum 2.0 will support the surge of the ETH price, as Ethereum 2.0 will apply shard-chains and will transition the whole network to PoS. The transition won’t happen rapidly, though if the launch is successful the mining cost of Ethereum will rise as the Network will apply a difficulty bomb – a protocol which perplexes mining of Ethereum.

next Altcoin News, Cryptocurrency news, Ethereum News, Guest Posts, News



Source link

Continue Reading

Cryptocurrency

Monex Believes Digital Yen Will Revolutionize Crypto Trading

Published

on

By


The Bank of Japan noted last month that initiatives to test its digital yen currency are underway.

As the Bank of Japan (BOJ) plans to issue its digital yen in the near future, Oki Matsumoto, head of Japan’s Monex Group, believes it will significantly revolutionize the crypto industry by making it more interoperable with legal tenders.

“Central bank digital currencies will help boost trading of cryptocurrencies by providing a more convenient platform for converting cryptocurrencies into legal tenders,” Matsumoto noted. 

According to Matsumoto, the issuance of central bank digital currency (CBDC) is not a threat to the crypto industry but a major boost to the whole sector. Primarily due to the fact that it will not only make the ecosystem more efficient but also a digitized economy.

Speaking to news outlet Reuters on Tuesday, Matsumoto noted that “CBDCs will significantly enhance the interoperability of cryptocurrencies.” Moreover, the central bank digital currency would make the crypto market more lively. The lively atmosphere in the crypto market would reciprocate to an increased volatility, particularly to the upward trend.

Currently, changing crypto assets to legal tender has several challenges as the existing exchanges and brokers do not hold bank accounts. According to Matsumoto, if the bank of Japan issues a digital yen, then it would make the crypto conversion to legal tenders much easier and faster.

Monex Opinion on Digital Yen

Apparently, the Bank of Japan noted last month that plans are underway to experiment its digital yen currency. Hereby joining other global central banks in the development of a viable digital currency. 

Notably, the Chinese government through the Bank of China has made tremendous progress in rolling out its digital yuan in the Chinese market.n It is expected that the first successful digital currency would have a vented vantage point to act as the global reserve currency. China is rushing to implement its digital yuan in a bid to dethrone the United States dollar from the global reserve currency.

Japan is considered a crypto friendly market, whereby it has a huge portion of the top digital assets. It’s worth mentioning that Ripple has named it as one of the options to move into if the United States does not reorganize its crypto regulations.

Being a major Asian economic hub, Japan’s continued venture into the crypto and digital currency market will significantly shift other regions in adopting the technology.

This is because the blockchain technology has many use cases including in the supply chain where shipping industry collaborate with respective parties to make a seamless trading process.

As the cryptocurrency industry led by Bitcoin enjoys a new bull wave, wealth creation is expected to be taken on the next level by the digital assets investors.

next Altcoin News, Cryptocurrency news, News

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



Source link

Continue Reading
Advertisement

Trending