StormX cryptocurrency (STMX) is a blockchain platform that offers cashback services for online purchases. The platform token, STMX, is used to accumulate cashback rewards. Rewards for online purchases depend on the user's membership level. Platform users can purchase different membership levels using their STMX.
In addition to cashback services, StormX offers opportunities to earn STMX by performing micro-tasks, such as filling out surveys and betting on STMX for an annual income of 10%. Currently, STMX trades at $0,0365 per token with an offer limit of 10 billion, for a total market capitalization of nearly $365 million.
In this article, we will discuss:
What is StormX token and what does it do?
While StormX's main product is cashback services, the innovative Ethereum-based decentralized application (DApp) is quite diverse when it comes to its product range. It offers four main products to platform users:
- A cashback rewards program for online purchases
- Micro-tasks to earn cryptocurrency
- Cryptocurrency bet for income
- StormX debit card
Refund Services
StormX has been at the forefront of bringing cashback services to the world of blockchain. The platform allows its users to earn cash back rewards at over 1.000 online retailers, including retail giants like Nike, Lenovo, eBay, and Samsung, among others.
The number of prizes won depends on the user's membership level, of which there are six – Purple, Bronze, Silver, Gold, Platinum and Diamond. The higher your membership level, the more STMX you earn with the same online purchase amount.
The basic refund rate depends on the individual retailer. However, the user's membership level further determines the ultimate reward value. For example, let's say you buy a product for $100 at one of StormX's partner resellers. If the retailer offers a 6% refund rate, the equivalent of $6 STMX will be transferred to your account as a reward at the lowest membership level – Purple.
At higher membership levels, a multiplier that increases your base reward is applied. For example, the Silver level has a 1,5 multiplier, which means your base reward of $6 turns into $9. The reward levels and their multipliers are shown in the table below.
New users are automatically assigned to the Purple level, but can upgrade their subscription by paying a fee that currently ranges from 3.000 STMX (equivalent to about $110 in today's fee) to Bronze level to an ambitious 6.200.000 STMX (equivalent to to $226.300) for the Diamond level. The table below shows the amount of STMX required for each level.
Platform pricing for the Gold, Platinum and Diamond tiers are clearly aimed at businesses, not consumers, although consumers who are true online shopping connoisseurs may also see a benefit in joining one of the higher tiers.
micro-tasks
While cashback services are the backbone of StormX's business, the platform also offers micro-task services as a way to earn STMX. Users can earn tokens by completing tasks such as participating in surveys or trying out new games and apps.
Rewards for micro-tasks are available in STMX as well as ETH , BTC , DAI , LTC , and YFI . Consider this StormX service as a blockchain equivalent of Mturk.
Deploy for income
Allocating funds to earn guaranteed annual interest is another StormX service. The platform guarantees an annual return of 10% on the bet amount.
The greatest feature of this service is that you are not bound by a contractual obligation to bet for a certain period of time. Withdrawal from stock and recovering your investment is possible at any time. You will still receive interest on a prorated basis. The values accumulated with the picket are distributed to user accounts on a weekly basis.
StormX cryptocurrency Debit Card
StormX also has a debit card product that you can use for purchases anywhere that accepts Apple Pay, Google Pay, or Samsung Pay – the top three mobile payment apps. Your funds on the card are held in STMX and are only converted into fiat currency at the time of transaction.
Where can I get the StormX token?
The StormX cryptocurrency is available as an app on the AppStore for iPhone devices and Google Play for Android devices. It is also available as a browser extension for Google Chrome and Microsoft Edge browsers.
The platform token, STMX, is currently compatible with the following wallets:
Ledger hardware wallet
BRD portfolio
MyEtherWallet
trust portfolio
Who is behind the StormX token?
The StormX cryptocurrency was founded in 2014 by two Seattle blockchain entrepreneurs – Simon Yu and Calvin Hsieh. Yu serves as the company's CEO, while Hsieh is involved as CTO.
The company is very business savvy, with a number of business and venture capital (VC) financing rounds under its belt. As of August 2016, StormX has had a total of seven rounds of VC funding. To date, StormX has raised a total of $47,7 million in VC from 22 individual and institutional investors. The company's lead investor, Optimista Capital, is an investment firm specializing exclusively in blockchain projects.
The latest financing, also from Optimista Capital, was secured at the end of July 2021 for an amount of $9 million. That was less than a month after StormX hit the news with a partnership deal with the NBA's Portland Trail Blazers. Under the agreement, the Trail Blazers uniform will feature the StormX logo.
Undoubtedly, the partnership agreement was influential in reassuring venture capitalists of StormX's future potential. The agreement will allow StormX to conduct marketing activities using references to the Portland Trail Blazers brand.
StormX cryptocurrency price history
StormX's token, originally named STORM, was first listed on the CoinMarketCap in December 2017 priced at $0,024. Riding the wave of the general market boom of 2017/2018, it quickly reached its all-time high of $0,21 in January 2018, at the height of the market bubble.
In February 2018, STORM dropped to $0,05, where it remained until mid-2018 before gradually decreasing. At the end of 2018, STORM was worth about $0,003, or 3 US cents for 10 STORM.
STORM's decline throughout 2018 largely followed the general market bubble that peaked in January 2018, but actually ended by the end of the year.
In May 2020, StormX changed its brand from STORM to STMX. The company assured token holders that the change was largely for branding purposes. However, there was an important difference between old and new tokens: STORM had a built-in role in its smart contract that allowed STORM tokens to be destroyed and created. In the new STMX smart contract, this function has been removed.
StormX Token Price Prediction
The rebranding for STMX did not affect the token price seriously. Until February 2021, STMX was widely traded at a level of around $0,002 to $0,003. The token finally started gaining ground starting in February 2021. Currently, STMX is trading at $0,0365. The platform's cashback services and investments were instrumental in helping to increase the token for 2021.
The partnership agreement with Portland Trail Blazers should provide a substantial boost to the company's brand awareness among consumers.
After its first four rounds of VC funding in 2016 and 2017, StormX hasn't raised VC anymore for nearly four. Since April 2021, the company has so far completed three rounds of VC. All of this financing is expected to benefit STMX for the rest of 2021 and probably beyond as well.
The company is committed to expanding its network of cashback partners. Last year, StormX signed at least a third of its more than 1.000 retail partners. The rapid expansion of the partner network will likely increase the platform's attractiveness to consumers.
StormX cryptocurrency is actively diversifying its product line, adding new products in addition to its core cashback service.
Conclusion
Retail refund programs are hugely popular with consumers. StormX is well positioned to take advantage of this popularity. The platform offers a blockchain-based cashback program for online shopping at more than 1.000 retailers.
The six levels of the program offer a flexible reimbursement solution aimed at consumers and businesses.
StormX cryptocurrency is not limited to a single solution. In addition to the cashback program, users can earn cryptocurrency by completing micro-tasks, such as filling out surveys or testing new apps and games; betting your cryptocurrency for a guaranteed 10% annual yield and taking advantage of a debit card product supported by three leading digital payment systems – Apple Pay, Google Pay and Samsung Pay.
The platform token, STMX, which was first listed on CoinMarketCap in late 2017, performed poorly after the 2018 market crash and into the beginning of this year. As StormX aggressively expanded its network of cashback partners, STMX began to gain ground in February 2021.
Three successful venture capital financing rounds in 2021 and a partnership agreement with Portland Trail Blazers provided additional support to STMX.
StormX is a platform worth considering given its recent success, extensive network of cashback partners, product diversity, and business savvy platform management.