What is StormX? All You Need to Know About STMX

In the current digital era, many people regularly shop online, and cashback benefits have developed into an expected aspect of the process. Traditionally, these rewards were often linked to specific credit cards or retailers. However, as technology continues to evolve, so does the approach to rewards programs. The world of digital currency and our regular buying practices are now connected by a cutting-edge, efficient solution. This new era beckons with a platform that seamlessly integrates the benefits of digital currency into our daily shopping experiences, setting a gold standard for rewards programs: StormX.

What is StormX (STMX)?

StormX, a pioneering crypto cashback platform, has deep roots in entrepreneurship and innovation. Simon Yu, a graduate of the University of Washington, and Calvin Hsieh, a graduate of the same university with degrees in computer science and software engineering, co-founded the business in 2015. Yu, after launching the unique Penguin Delivery venture and stints at Amazon and KeyBank, united with Hsieh, who had managerial experience with Bomba Fusion LLC, to give birth to StormX.

Initially, StormX was an interactive marketing hub where users completed micro-tasks for Bolts, a non-crypto rewards system. It soon transitioned with the StormShop browser extension, marking its entry into crypto cashbacks. Rewarding users with significant amounts of STMX tokens, Bitcoins, and Ethers, the platform also saw the 2020 introduction of the StormX Debit Card, adding more utility to the STMX token.

Business-savvy, StormX underwent seven VC financing rounds by August 2016, raising $47.7 million. The highlight was a $9 million injection from Optimista Capital in July 2021, soon after announcing a partnership with NBA’s Portland Trail Blazers.

StormX has demonstrated impressive traction since its inception. With over 3.5 million mobile app downloads and collaborations with over 1,000 global stores, they’ve disbursed a whopping $4.3 million in crypto rewards. Boasting 75,000 active monthly users, they offer crypto cashback of up to 85% based on the store and membership tier. This unique model, coupled with a global presence, enables them to outpace competitors by offering up to 3.5 times higher rewards.

How Does StormX Work? Cashback Rewards and Memberships

StormX is a unique platform at the intersection of e-commerce and cryptocurrency, providing users with an innovative way to earn crypto rewards for their regular online purchases. Here’s how its two primary features, Cashback Rewards and Memberships, function:

Crypto Cashback Rewards

StormX’s Crypto Cashback Rewards provide customers with an innovative method to profit from their online purchases by seamlessly fusing the worlds of e-commerce and cryptocurrency.

• Shopping Partnerships: StormX collaborates with hundreds of online retailers across various sectors, including electronics, fashion, entertainment, and more. When users shop at these partner sites via StormX, they qualify for cashback.
• Earnings in Cryptocurrency: Unlike traditional platforms offering cash or points, StormX rewards its users in cryptocurrency. Depending on the user’s preference and location, they can earn rewards in Bitcoin, STMX (StormX’s native token), Ethereum, or other supported cryptocurrencies.
• Payouts: Once the cashback is confirmed by the retailer, it is credited to the user’s StormX account. From there, users can transfer their accumulated rewards to their personal cryptocurrency wallets or keep them in their StormX account to potentially benefit from crypto market appreciation.

Memberships

StormX’s Memberships offer a tiered loyalty system, enriching the user experience and amplifying rewards. This feature ensures dedicated users are recognized and rewarded for their commitment to the platform.

• Loyalty Tiers: StormX’s Membership program is structured around loyalty tiers: Purple, Bronze, Silver, Gold, Platinum, and Diamond. Each tier offers increasing cashback percentages, with Diamond being the highest.
• Holding STMX: To qualify for these tiers, users need to hold a specified number of STMX tokens in their linked wallet. For example, while the Purple tier doesn’t require any STMX holding, the higher tiers necessitate a specific number of tokens to be held. Holding more STMX tokens enables users to unlock higher cashback percentages, adding more value to their shopping.
• Additional Perks: Apart from enhanced cashback, higher membership tiers may also offer other benefits like faster reward payouts, priority customer support, and more.
• Referral Program: StormX offers a robust referral program where users share a unique link from their Referral page. Once friends activate accounts using this link and engage in shopping or staking, the referrer benefits by receiving 10% of their base rewards. Impressively, there’s no upper limit to the earnings one can accrue.

In summary, StormX has transformed the traditional cashback model by integrating it with the dynamic world of cryptocurrency. By shopping through the platform and holding STMX tokens, users not only earn rewards but also elevate their membership status, optimizing their cashback earnings and enjoying exclusive perks.

Source: stormx.io

Staking

StormX offers a staking feature, allowing users to earn rewards by staking their tokens. To participate, users visit the StormX website, use its Chrome Extension, and link an ERC20-compatible wallet, preferably MetaMask. After acquiring STMX tokens, users can stake them via the platform. A user-friendly dashboard provides details on earned staking, weekly earnings, next reward date, and staked amounts. Additionally, a tool helps users calculate potential staking rewards. Unstaking before the week ends forfeits the bonus.

Sports

StormX’s Pick’em Challenge offers weekly contests during the 23/24 NFL season, allowing participants to win STMX tokens. To join, users sign up at sports.stormx.io, choose a pool, and make game predictions. Winners receive earnings in STMX, claimable with an ERC20-compatible wallet, preferably MetaMask or Trustwallet. Each week presents new prizes; for instance, the inaugural week distributes $250: 1st place (50%), 2nd (30%), and 3rd (20%). Prizes vary based on participation. Joining is straightforward, requiring email verification and acceptance of terms.

StormX Use Cases

Beyond its mainstay features, StormX boasts several versatile applications catering to crypto enthusiasts and everyday users. Some noteworthy use cases, apart from cashback rewards and memberships, include:

• Micro-task Completion: In its early stages, StormX allowed users to earn rewards by completing various micro-tasks. This could involve trying new apps, filling out surveys, or sharing and reviewing apps.
• Cryptocurrency Wallet: StormX offers a wallet where users can store their accumulated crypto rewards, allowing them to potentially benefit from any appreciation in the value of the cryptocurrencies they’ve earned.
• StormX Debit Card: Introduced in 2020, the StormX Debit Card provides a seamless avenue for users to spend their STMX tokens, converting token holdings into cash at the point of purchase.

These diverse use cases highlight StormX’s commitment to integrating cryptocurrencies into daily life and financial undertakings.

Source: stormx.io

What Is the STMX Coin?

STMX is the digital currency fueling crypto-based shopping rewards. Its maximum supply is capped at 12.5 billion units, of which 10 (80%) are already in circulation (September 2023).

The STMX coin, originally branded as STORM, was launched via a “crowdsale” (a synonym for Initial Coin Offering, or ICO) in 2017, this fundraising event successfully garnered US $32 million for StormX, Inc.

Delving into the STMX token distribution as detailed on StormX’s official website:

• 41.74% was allocated to early backers during the ICO.
• 10% has been disbursed to users, likely as cashback rewards.
• 25% remains with the company itself.
• The remaining 23.26% is securely “locked,” potentially reserved for staking and governance activities.

In a significant development in June 2020, STORM tokens underwent a swap for the current STMX tokens. This shift was motivated by the desire to enhance token security, including the elimination of a “god mode”, bolstering the system’s decentralization. A distinctive feature introduced with STMX was its staking capability, a function the predecessor STORM lacked.

STMX staking allows StormX users to lock their tokens in return for approximately 10% annualized rewards. By accessing the StormX website and its browser extension, users can connect their wallet, deposit STMX tokens, and earn yields. Rewards and staked amounts are viewable on a user-friendly dashboard.

The STMX token is utilized for decentralized autonomous organization (DAO) governance, giving token holders the ability to participate in key decision-making processes. By holding STMX, users are granted voting rights, ensuring that the platform’s future developments and strategies are shaped by its active and invested community, promoting transparency and stakeholder involvement.

StormX Ecosystem

StormX has strategically built a robust ecosystem through significant partnerships, enhancing its reach and utility. Their collaboration with top e-commerce platforms allows users to earn crypto cashback from hundreds of stores, integrating the worlds of shopping and cryptocurrency. Companies like Walmart, Nike, and Adidas have teamed up with StormX, offering rewards to users for purchases made through the platform.

StormX’s integration with blockchain projects further solidifies its position in the crypto arena. Notably, their alliance with Trust Wallet and MetaMask simplifies the STMX token’s storage and transaction process. Additionally, StormX’s partnership with the NBA’s Portland Trail Blazers is a testament to its mainstream appeal. This collaboration saw the StormX logo featured on the Trail Blazers’ uniform, marking a significant crossover between cryptocurrency and professional sports. Such strategic alliances underscore StormX’s vision of widespread cryptocurrency adoption and its integration into everyday activities.

Is STMX a Good Investment?

While it is essential to avoid providing direct financial advice, one can objectively assess the dynamics surrounding the STMX coin. On the positive side, the extensive list of shops associated with StormX offers a substantial opportunity for users to earn cashback, potentially driving the coin’s utility and circulation. The integration with renowned brands might signal a promising trajectory for the platform’s growth and the token’s usability.

Conversely, the cashback model inherently brings a degree of selling pressure on the STMX coin. Users are naturally incentivized to sell their STMX rewards to realize the monetary value of their cashback. This could lead to an increased volume of sell orders in the market, potentially impacting the coin’s price stability. As with any investment, potential investors must consider both these aspects and conduct thorough research.

How to Own STMX?

To own STMX, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy STMX.

News on StormX

As announced on the official StormX blog on April 11, 2023, Simon Yu, the original founder of StormX, has reassumed his role as CEO following the exit of Vivek Ganesan. Having initially steered StormX to its notable position in the blockchain-based rewards sector, Yu is eager to spearhead further growth, hinting at upcoming enhancements in shop and sports segments. Under his prior leadership, the platform witnessed substantial user expansion and forged key partnerships with eminent brands like Nike and eBay.

Useful References

For the latest updates about StormX, you can visit:

• The official website
• Twitter
• Telegram
• Discord
• Reddit
• GitHub

Take Action

Check out STMX price today, and start trading your favorite currency pairs.

• STMX/USDT
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