StormX has quietly rallied more than 2,800% since February as the project’s crypto rewards program and plans to launch a debit card bear fruit for early investors.
Cashback rewards for purchases have long been a popular tactic used by banks and credit card companies to entice consumers to use their services.Several cryptocurrency companies like BlockFi and Coinbase have revealed future plans to offer cryptocurrency-backed debit and credit cards that offer cashback rewards in Bitcoin and StormX (STMX) has joined the crowd.StormX (STMX) is a gamified marketplace that allows users to earn STMX as well as other cryptocurrencies for shopping at one of its online network partner stores or by completing micro-tasks through its app. STMX/USDT 4-hour chart. Source: TradingViewData from Cointelegraph Markets and TradingView shows that the price of STMX has surged more than 2,800% over the past two months, going from a low of $0.0028 on Feb. 1 to a high of $0.083 on Feb. 20 as increases in staking, big-name retailer integrations, and optimism about the release of debit card helped propel the token price higher. Staking incentives attract active usersOne of the main driving forces behind growth in the cryptocurrency sector over the past year has been decentralized finance, which has offered a way for crypto holders to make money and earn a yield on their holdings without creating a taxable event. StormX currently offers a 17.5% yield on STMX tokens and the cashback rewards are increased for token holders.According to data from the StormX app, there are currently 799.7 million …
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