Tech firm Bloom recently announced that their members may get spending rebates in the form of virtual currency.
This move should see the Bloom App become one of Hong Kong’s first-ever spending apps that supports digital currency rebates for Visa card transfers made in Hong Kong, marking a breakthrough in a spending ecosystem that’s mainly dominated by cash-based rebates and reward points.
Bloom members are able to log into the Bloom App and then proceed to convert their Bloom Coins earned from spending with a linked Visa card into virtual currencies based on current prices.
Presently supporting over 10 major cryptocurrencies, such as Bitcoin, Ethereum, and Dogecoin, the Bloom App integrates real-time data via APIs in order to assist members with staying on trend in the crypto industry.
Based on their particular requirements, Bloom members may withdraw digital currencies held in the Bloom App to certain digital currency wallets, or covert them into Bloom Coins for in-app redemption of non-fungible tokens (NFTs), e-coupons, and fashionable collectables, etc.
Bloom will not be charging extra fees in either case, enabling members to select their preferred way of keeping rewards at no additional costs.
Bloom has started a collaboration with Okcoin, which is one of the “leading” digital currency exchanges, in order to help Bloom members take their first step into the crypto sector.
Okcoin will reportedly provide free-of-cost account opening services for Bloom members, allowing them to quickly withdraw the cryptocurrency they have earned.
After withdrawing their cryptocurrencies from Bloom into their Okcoin account, members have the ability to continue growing their assets with Okcoin’s Earn product, which allows crypto holders to earn yield on different assets.
Eddie Rong, Founding Member of Bloom, stated:
“We are pleased to join hands with Okcoin to create more value for Bloom members. 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.”
Justin Chan, Founding Member of Bloom, remarked:
“We believe this will help democratise cryptocurrencies and lay the foundation for them to play a more important role in the financial system. As the fifth wave of pandemic has weighed on the local retail sector, we hope to contribute to the economic recovery with this breakthrough of the Bloom App in collaboration with payment, retail, and F&B partners.”
Khairi Azmi, General Manager Okcoin (Asia), added:
“We are proud to partner with Bloom in making crypto a regular part of people’s daily lives. In order for cryptocurrency to go mainstream across the world, we need payments technology that ordinary people want to use. 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.”
Bloom’s loyalty and offer program is supported by Visa for its distribution of fast rebates by identifying qualified transfers and allowing for reward redemption.
From now until the end of year, Bloom members may receive Bitcoin valued at HKD 10 by linking Visa cards to the Bloom App.
They may receive additional Bitcoins valued at HKD 10 by completing a transfer of any amount at online or offline merchants.