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Hong Kong-based Bloom works with Web 3.0 participants to support crypto rebates

Local tech startup Bloom announced that starting today, Bloom members can receive spending rebates in the form of cryptocurrency. The move makes the Bloom app Hong Kong’s first spending app to support cryptocurrency rebates for all Hong Kong Visa card transactions, 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 spending with a linked Visa card into cryptocurrencies based on the latest prices. The Bloom app currently supports 10+ mainstream cryptocurrencies, including Bitcoin, Ethereum and Dogecoin, etc., and integrates real-time data through the Application Programming Interface (API) to help members stay trending in the cryptocurrency space. Depending on their needs, Bloom members can withdraw cryptocurrencies held in the Bloom app to designated crypto wallets or convert them to Bloom coins for in-app non-fungible token (NFT) redemption, e-coupons and fashion collectibles, etc. Bloom charges no fees in either case, allowing members to choose their preferred method of storing rewards for free.

Bloom has started 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 to Bloom members, allowing them to easily withdraw the crypto they earn. After withdrawing their crypto from Bloom to their Okcoin account, members have the opportunity to further grow their funds with Okcoin’s Earn product, which allows cryptocurrency holders to earn high returns on a wide variety of assets.

Eddie Rong, Founding Member of Bloom said: “We are excited to partner 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 lately, we are trying to build a beginner’s platform that, in addition to an exciting buying experience, creates a beginner’s platform that allows members to save cryptocurrencies and make purchases at the same time .”

Justin Chan, founding member of Bloom, added: “We believe this will help democratize cryptocurrencies and lay the foundation for them to play a more prominent role in the financial system. As the fifth wave of the pandemic has weighed on local retailers, we hope to contribute to the economic recovery with this breakthrough Bloom app in collaboration with payment, retail and F&B partners.”

“We are proud to partner with Bloom to make crypto an integral part of people’s daily lives,” said Khairi Azmi, General Manager Okcoin (Asia). “For cryptocurrency to become mainstream around the world, we need payment technologies that ordinary people want to use. The combination of Bloom’s rewards program and easy-to-use issuance product provides new and existing crypto users with an ideal way to interact with digital assets every day, and we’re happy to help make that possible.”

Bloom’s innovative loyalty and promotions program is powered by Visa for instant rebate distribution by identifying eligible transactions and enabling timely reward redemption.

From now until December 31, 2022, Bloom members can receive HKD10 worth of Bitcoins by linking any Visa card to the Bloom app. You can get an additional HKD10 worth of Bitcoins by making a transaction of any amount at online or offline merchants.

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