StormX launches crypto rewards for up to 30% back on brands like Microsoft

StormX has ventured into the eCommerce space with the launch of its second product, StormShop, a rewards platform allowing users to shop online and claim up to 30 percent back in crypto from brands including Microsoft, Macy's, and Groupon.

The Seattle-based startup debuted in 2014 with its crypto rewards microtask platform, Storm Play, which has over the years has reportedly collected 2.5 million users from 180+ countries, rewarding them in STORM tokens, BTC, ETH, and the recently-added DAI for completing activities like filling out surveys and watching ads.

CEO Simon Yu told CryptoSlate StormX was founded with the goal of "Creating earning opportunities for people all around the world," a pain-point rooted in his financial struggles as a college dropout-come-taco truck entrepreneur.

It was Yu's later position as a bank underwriter that highlighted crypto as the solution.

Yu saw the exorbitant transaction fees banks were charging as a stark contrast to Bitcoin and other cryptocurrencies, which he assumed could slash the costs of sending money back and forth.

This laid the context for BitMaker, the predecessor to Storm Play, as well as StormX's push to develop a proprietary micropayments technology allowing the company to send millions of microtransactions each week without congesting the Ethereum blockchain - "Small amounts of money mean a lot more to some people in other parts of the world," Yu explained.

StormShop is the second of three outlined in the company's product roadmap.

"We're trying to provide all the different avenues for users to earn money online, in the form of crypto. There are plenty of tools out there that allow you to earn cash back, where these companies would be spending money on advertising or user acquisition anyway, instead of just giving it back to the users."

Unlike the other two offerings, Yu is pitching StormShop as a "Passive" way for your "Average mom and pop" to earn crypto just by shopping.

"There is a better vision for using blockchain and crypto outside of speculation that will increase the way that people live on a day-to-day basis - that's what we're really excited about at Storm."