HK-based Spending App Okcoin Offers Crypto Rebate to Customers

In partnership with cryptocurrency exchange Okcoin, Hong Kong-based startup Bloom is offering token rebates and introducing a gamified retail experience to its clients.

With digital payment becoming more common in Hong Kong, Okcoin is introducing a spending app that offers a reward scheme to get a spending rebate in terms of cryptocurrency, in order to break through the current spending landscape in the city dominated by credit card and their cash rebates or reward points mechanism.

With Visa credit card partnership, customers can now convert their spending credits into crypto according to the current price.

As per the press release, the scheme now supports over 10 mainstream cryptocurrencies, including Bitcoin, Ethereum and Dogecoin.

The company “aims to provide personalized spending rewards from cash rebates to digitalized coupons to consumers by connecting partner brands and card issuers”, according to the company’s website.

Eddie Rong, the founding member of Bloom, welcomed the partnership with Okcoin “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, the app offers a HK$10 worth of Bitcoin bonus for first time customers who connect their Visa credit card to their account or make their first transaction in this service

The company said its app incorporates real-time data via an application programming interface (API) to help its members stay updated in the cryptocurrency space. Furthermore, the app allows customer to withdrawal of cryptocurrencies to designated crypto wallets or covert them into Bloom Coins for in-app redemption of nonfungible tokens (NFT), e-coupons, and fashionable collectables, without being charged. Customers could choose their preferred way of keeping rewards at no costs.

The company said the new platform “will help democratize crypto and lay the foundation for them to play a more important role in the financial system.”

At the same time, their partner Okcoin will provide zero-fees account opening services to their clients, in order to encourage them to 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.

Among the institutional investment market in the city, crypto adoption is expected to expand to the retail level. The recent study concludes that Hong Kong is marked as the top-rank region in terms of the level of crypto readiest. This is proven as the city enjoys the highest number of blockchain startups per 100,000 people and the number of crypto ATMs proportional to the population.