Local technology startup Bloom announced that starting today, Bloom members can get spending rebates in the form of cryptocurrency. This move will see the Bloom App become Hong Kong’s first spending app that supports cryptocurrency rebates for any Visa card transaction in Hong Kong, marking a major breakthrough in a spending landscape dominated by cash rebates and reward points.
Bloom members can log into the Bloom App and convert their Bloom Coins earned from any spending with a linked Visa card into cryptocurrencies based on the latest prices. Currently supporting more than 10 mainstream cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, etc., the Bloom App integrates real-time data via Application Programming Interface (API) to help members stay on trend in the cryptocurrency space. Based on their needs, Bloom members can withdraw cryptocurrencies held in the Bloom App to designated crypto wallets, or covert them into Bloom Coins for in-app redemption of non-fungible tokens (NFT), e-coupons, and fashionable collectables, etc. Bloom will not charge any fees in either case, allowing members to choose their preferred way of keeping rewards at no costs.
Bloom has commenced a collaboration with Okcoin, one of the leading global cryptocurrency exchanges, to help Bloom members take their first step into the crypto space with ease. Okcoin will offer free account opening services for Bloom members, enabling them to easily withdraw the crypto they earn. After withdrawing their crypto from Bloom into their Okcoin account, members have the option of continuing to grow their funds with Okcoin’s Earn product, which enables cryptocurrency holders to earn high yield on many different assets.
Eddie Rong, Founding Member of Bloom, said: “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, added: “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.”
“We are proud to partner with Bloom in making crypto a regular part of people’s daily lives,” said Khairi Azmi, General Manager Okcoin (Asia). “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 innovative loyalty and offer program is powered by Visa for its distribution of instant rebates by identifying eligible transactions and enabling reward redemption in a timely manner.
From today until 31st Dec 2022, Bloom members can get Bitcoins valued at HKD 10 by linking any Visa card to the Bloom App. They can get extra Bitcoins valued at HKD 10 by making a transaction of any amount at online or offline merchants.