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Crypto Cash Back, Rewards Platform StormX Introduces Referral Program

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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.

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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.



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China retains mining control? Alipay’s ancient NFTs and Amber’s big raise

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This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

So low you’ve got to reach up to touch the bottom

This week in China felt like one giant mining-farm sized pile of FUD. This is usually a pretty good indication that a bottom is close to being in, but one can never be too sure when it comes to downwards volatility in cryptocurrency. Canaan, one of the largest mining companies in China, announced it was setting up shop in neighboring Kazakhstan. This is an ideal compromise for Canaan as it can remain close to China, while mitigating their regulatory risk. Reading between the lines, it seems like the plan is to mostly continue administration of the company from China while sending the machines overseas.

This would put a wrench in the works of the Bitcoin purists who believe that the crackdowns are a good way to break up China’s dominance in the mining industry. Just this week, a professor at a university in Singapore wrote in Chinese that the shift to a more decentralized network would be a good thing. This raised some eyebrows for the use of a made up word that translates roughly to ‘de-China-ization’, but the article holds even less weight when large mining companies like Canaan are able to shift physical equipment overseas but still remain in control of the governance.

Too big for postage stamps

On June 21, CNBC’s Beijing Bureau Chief Eunice Yoon posted on Twitter that a logistics company in Guangzhou was shipping 3,000 kilograms worth of mining hardware to Maryland, US. According to her claim, the price was $9.37 per kilogram. Some quick math reveals that the total cost would be less than the price of one Bitcoin, at least at the time of writing.

Bitmain lends a helping hand

Cointelegraph reported on June 23 that massive mining company Bitmain was suspending sales of mining hardware in a move to support the over-supplied secondhand markets. According to the article, sales of hashing power in China has seen a decrease of around 75% since the Spring. Bitmain is reportedly moving operations abroad as well, which would be a major move for the hardware manufacturing giant.

Mine-ami

Francis Suarez, everyone’s favorite Bitcoin-friendly mayor, was at it again on June 18 when he announced that all Chinese Bitcoin miners were welcome in Miami. The announcement was translated and posted on Sina Finance’s Blockchain Weibo account, which attracted over 53 comments from surprised netizens. Most of these user comments were negative in nature however, both towards Suarez and Bitcoin in general. A large portion of Weibo users hold cryptocurrencies in ill-regard, especially those that have been investing in the stagnant Chinese stock market.

Amber is the color of your energy

Amber, a cryptocurrency service provider based in Hong Kong, completed a Series B funding round worth $100m. Amber is well known among institutions for their financial services that include asset management, OTC services and lending.

Alipay’s foray into NFTs

Top payment processor Alipay continues to push its AntChain technology by partnering with the Dunhuang Research Academy to release 8,000 NFT skins. Dunhuang is famous for being an old silk road outpost and is home to Mogao Caves, a Unesco Heritage site. The NFTs featured artwork inspired by the cultural site and quickly sold out. AntChain is a private blockchain developed by Alibaba’s Ant Group.





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Klaytn death cross debut coincides with a 57% KLAY price pump

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Bids for Klaytn’s native cryptocurrency KLAY spiked on Thursday after the South Korea-based public blockchain project confirmed its listing on Binance, one of the world’s top cryptocurrency exchanges by volume.

The KLAY/USDT exchange rate surged 41.25% to an intraday high of $1.243. The pair’s massive move uphill accompanied a dramatic intraday spike in trade volumes — 28.68 million so far into Thursday versus 13.05 million in the previous session, validating the bullish sentiment across the Klaytn market.

Profit-taking sentiment pushed KLAY prices lower after it reached $1.243. Source: TradingView.com

The gains came on the prospect of Klaytn’s global expansion after its addition on Binance. So far, the option to trade spot KLAY was majorly available across heavily-regulated South Korean exchanges — particularly Bithumb — thanks to Klaytn’s affiliation with the regional internet giant Kakao.  

Binance’s listing would introduce KLAY to wider markets, Klaytn recognized in the official announcement, adding that they would introduce a launchpool through which Binance users can stake Binance Coin (BNB) or Binance USD (BUSD) to farm KLAY tokens.

“With the official introduction of KLAY on Binance, Klaytn expects to accelerate its global expansion, inviting global developers and service providers to participate in its ecosystem.”

The news of Binance-Klaytn partnership came just as KLAY was bouncing off its six-month low level of $0.72. In turn, the rebound followed a 83.45% price crash from KLAY’s mid-April peak of $4.35. As a result, the latest 57% spike from $0.72 to $1.243 did little in taking KLAY out of its prevailing bearish bias.

Atop that, the token painted a death cross on its daily timeframe chart.

KLAY’s 50-day simple moving average is set to cross below its 200-day simple moving average. Source: TradingView.com

In detail, a death cross occurs when an asset’s short-term moving average closes below its long-term moving average. Traders interpret the said crossover as a signal to limit their upside bias in a market and/or increase their bearish bets.

The 50-200 moving average crossover particularly has been proven to be a reliable forecaster of some of the most severe bear markets of the past century: in 1929, 1938, 1974, and 2008, according to Investopedia.

If past is any signal, the Klaytn token could face further downside corrections once the Binance listing hype settles.

The Bitcoin Factor

Meanwhile, KLAY’s medium-term bias also depends on how Bitcoin (BTC) performs in the coming daily sessions.

The chart below shows how KLAY has erratically tailed Bitcoin price trends in the recent history. For example, both the assets topped out in mid-April with a slight lag. Meanwhile, they recently bottomed out with just a 24-hour difference, hinting that, in the future, they would keep trending hand-in-hand.

Bitcoin and KLAY price trends since the beginning of 2021. Source: TradingView.com

But that is not good news for KLAY.

Oleg Belousov, founder and CEO of cryptocurrency exchange N.Exchange, told Cointelegraph that he expected Bitcoin to fall towards $20,000, citing China’s renewed crackdown on the cryptocurrency sector.

“There are concerns that more countries will follow in China’s footsteps and join the ban, which will cause a further drop in rates,” he said.

Belousov added that Bitcoin still has hopes in countries that are democratic and constitutional, stating that they can’t legally ban cryoto.

Meanwhile, technical chartists said that the recent upside reversal in the Bitcoin market is a signal that the cryptocurrency would move higher. 

If the correlation stands, KLAY could head higher, as well.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.