Bloom, a Hong Kong-based startup announced its partnership with Exchange of cryptocurrency Okcoin will offer token rebates to its clients and introduce gamified retail experiences to its customers.
The use of digital payments in Hong Kong is increasing in popularity. The spending app offers a reward program to receive a cryptocurrency spending rebate, which will help break the current spending culture in Hong Kong.
Customers now have more opportunities to get rewards and even a glimpse at the crypto market. It partners with Visa credit card to allow customers to convert their spending credit into crypto according the current price.
According to the press release, the scheme supports more than 10 major cryptocurrencies, including Bitcoin. Ethereum Dogecoin.
The company’s website states that it “aims to offer personalized spending rewards, from cash rebates and digitalized coupons to consumers through connecting partner brands to card issuers.”
Eddie Rong, the founding member of Bloom, welcomed the partnership with Okcoin and wishes more customers might embrace the crypto space, “With the increasing awareness of cryptocurrencies in Hong Kong, although the cryptocurrency market has been volatile recently, we seek to build a platform for beginners on top of an exciting spending experience, empowering members to save cryptocurrencies and shop at the same time.”
According to the official website, customers can get a HK$10 Bitcoin bonus when they connect their first Visa card to their account or perform their first transaction within this program.
According to the company’s app, real-time data is integrated via an API (application programming interface) so that members can stay current in cryptocurrency. Additionally, members can withdraw cryptocurrency to their designated crypto wallets or convert them into Bloom Coins for in app redemption of nonfungible tokens(NFT), ecoupons and fashionable collectables. There is no charge and they can choose how they want to keep rewards.
The company believes the new platform “will help democratise crypto and lay the foundation for them to play a more important role in the financial system.”
Their counterpart Okcoin will offer zero-fee account opening services for their clients, encouraging them adopt their crypto trading services.
“The combination of Bloom’s rewards program and easy-to-use spending product provides an ideal avenue for new and existing crypto users to interact with digital assets every day, and we’re glad to help make this possible,” Khairi Azmi, general manager of Okcoin (Asia) said, adding that the platform would make crypto to be more common and “regular to go mainstream across the world” among ordinary people daily life.
It is anticipated that crypto adoption will expand to retail levels among the city’s institutional investment market. A new study has shown that Hong Kong is the region or economy with the highest level of crypto literacy. The city boasts the largest number of blockchain startups per 100 people, and the greatest number of ATMs.
Image source: Bloom