First of all, thanks to Crypto Rand for hosting us today, we’re excited to share a little more about StormX with you all. I’ll start with a brief intro. Hi! My name is Matt Chuen ????and I am the CMO at StormX. Together with @Tinooh, Head of Crypto Relations & Community we are going to answer some of these amazing questions you’ve posed to us.
There are quite a few, so while we start answering these, please feel free to learn a little more about StormX.
So, what is StormX? Well, StormX is an Android/iOS app and Chrome extension that was released in 2017 that allows its users (hopefully, just like you soon) to shop online in fiat, and receive rewards in crypto. Our token $STMX is a true utility token, I know, you probably hear that a lot. But really, it’s tied directly to the function of our app and your reward potential. I’ll spare you the details, but there’s a lot of information available at https://www.stormx.io/.
The company was founded in Seattle, USA and featured a primary market that was US-based. However, as the company grew, so did its userbase, and we’re now proud to boast 1000+ stores, across 150 countries and a truly global presence that’s reflected in our diverse offering of stores, and users.
Hopefully, by the time you’ve read this, we’ve started answering some questions ????
Could you offer us a sneak peek at your Stormx APP? Why does the app be released, but also where should it be available? Can both android and iPhone users download it?
Thanks for your question! Our app is already live and was launched in 2017. You can download it on the App Store and Google Play, or head to https://www.stormx.io/ and click the AppStore or Google Play store icon to download!
P.S. We’ve also got a handy Chrome extension, for when you’re shopping on your desktop/laptop.
Can you tell us exactly the details of your StormX Reward Membership Level which dictates the percentage reward One will get as a Cashback when shopping on StormX?
Sure!
We have 5 different membership tiers that offer additional perks to your Crypto Cashback:
- Bronze: 1.25x Cashback
- Silver: 1.50x Cashback
- Gold: 2.00x Cashback + 25% reward time reduction
- Platinum: 2.50x Cashback + 50% reward time reduction
- Diamond: 3.50x Cashback + 75% reward time reduction!
For more information, check out our website here: https://stormx.io/memberships
The minimum withdrawal amount is $5 when you pay out in STMX and $10 for all other methods. Currently, we do not require KYC to start earning crypto when you shop. ????
What is the current focus of your development efforts?
As you can imagine, we have a lot of effort going on simultaneously. Our primary goal at the moment is to finalize our alpha testing of our upcoming Debit Card and prepare it for launch. Outside of this, we’re constantly improving our app, adding new features, and ensuring we have a great range of stores for our global users.
What are the strategies to maximize value? Stake and accumulate during a bear market where time to receive rewards isn’t that crucial and level up membership during bull runs?
We firmly believe that StormX is an excellent bear market product! We pride ourselves on being an anti-inflationary companion. By giving you industry-best percentages back on your shopping, we help you make the most of down markets. So, you just shop as you do always and earn crypto along the way! Kind of like DCA, but easier!
Do you have to stake to get membership upgrades?
Great question. All that’s required is to hold your STMX in a wallet connected to your app. However, staking is also a valid route, as you’ll have connected the wallet in the first place to begin staking.
Will be app available for both OS? I see some problems lately with androids, especially with diff brands. Will this cashback work similar to lyoness one? Best of luck
Great question! The app is already available on iOS and Google Play! So, yes! ????
How is everybody anyway? The market hasn’t been pleasant, it’s not easy and the market can make you mentally drained.
How will you come up with the current market situation right now? Are your team extremely motivated to keep building despite this bearish time? What more we should expect from your project in long run?
We’re great, thanks for asking! This is a great question! StormX as a company has been around since 2014, but a slightly different app than you see today. However, this isn’t our first bear market! On the plus side, we believe StormX is a great bear market product! Accumulate crypto while doing your day-to-day shopping! We also held various funding rounds, this also contributed to the position we are in now!
Are there any plans to add more currencies to convert to cashback on the app? Can the community get to choose which ones?
We currently have a soft vote running on our Governance side! So, yes, the community WILL choose which coin is going to be added next as a pay-out option.
How much in rewards have you paid out to date?
We rewarded over 5.5M in rewards to date!
Do you allow suggestions and feedback from the community Are we allowed in decision making, do you put the community into consideration. ?
Hello Nalaka! Great question! We recently launched our Governance program, using our Governance tokens Athens ($ATH) https://www.coingecko.com/en/coins/athens our community can participate in existing votes, and help propose future votes.
We currently have an upcoming vote at the moment where the community will decide on the next additional token in our withdrawal list (Currently we have: LTC, BTC, STMX, DAI and ETH).
I see in the app lots of tasks to get involved with and earn some good crypto Cashback. But what I always find difficult is completing those tasks, especially for us African users. The third-party connections are always difficult, or simply never connect. Are there any plans to improve this going forward, to make it more friendly to users around the world, especially in Africa?
Hi, I see your viewpoint here. Unfortunately, there are sometimes barriers in certain countries when it comes to our Play tasks, we do the best we can to ensure they are available to as many users as possible, but sometimes this can’t be helped.
The Asian online shopping market is thriving, but getting people to accept cryptocurrency payments is difficult because regulatory hurdles are looming. So, what’s your solution?
We have a massive Asian market following, the key part is that our users don’t pay in crypto, they pay for their goods in fiat, as they usually do. So through us being able to pay our users crypto, we’re essentially mitigating the risk from these large retailers, which helps put them at ease when working with us. It’s one of the key factors in how we manage to work with so many great companies.
What is the point that you choosing cryptocurrency instead of an ordinary point system?
Points are generally redeemable for gift cards, specific products, etc. But what we wanted to do, was allow our users to have the freedom to do what they choose with their rewards. By distributing these in cryptocurrencies, we’re also able to help the wider adoption globally. Users who may have never held crypto, or are unsure of where to get started, can now do so with relative ease. There are probably very few people you know who have never shopped online right?
Can you give an overview of your Tokenomics and the utility of StormX Token?
Hey BenQ! Great question! You can find more information about our token on the token page: https://stormx.io/token
The STMX’s main use is to amplify the rewards and earnings on our app: Stake STMX and simultaneously use STMX for your membership tiers! win-win
In terms of shopping, women are always active in looking for the trendiest and cheapest items. Does StormX have features or shopping lists that can pamper women?
Yes, we have a huge list of great shops for women! Various designer brands like Calvin Klein, Nike, Adidas, Zephora and A LOT more! Besides, most retailers these days cater to all, I can tell you for a fact that I have female friends who are not crypto natives who use our app to pick up clothes/makeup/experiences from Groupon, and are now starting their web3 journey. The same applies to some of my male friends as well, it’s such a gateway to the awesome world of web3.
1)Your project name seems to be very interesting. Does it have any story behind it? Can you share us with the inspiration for approaching this name?
2) Many projects have problems with UI / UX and this one turns off new users. How do you plan to improve the interaction with new users and with users outside the crypto space?
3) How did you get the community involved in developing the project? and how do you build a strong community to grow globally?
1) I could spin you a fantastic story around this, but I’ll be honest, our founders just came up with the name. Mostly due to the fact they wanted the app to rival a force of nature.
2) We are constantly improving our UI/UX. Our Product team are carefully monitoring and a/b testing all aspects of the app to ensure the smoothest end-to-end experience for all. Our key focus is to be able to explain the complexities of wallets etc in a way that the non-crypto native can understand. We’re forever improving this, but it’s all a learning curve.
3) We try to involve our community as much as possible! Besides Governance, we also look at our community when it comes to new hires. All our community managers were Community Members at some point!
Nice little fact, I also started as a Community Member!
What are some of your largest name-brand stores?
Some names:
Nike
- eBay
- AliExpress
- Adidas
- Lazada
- Shopee
- AliBaba
Q1) Where can I find an updated roadmap for a debit card?
Q2)Now that Voyager is broken, any recommendations on where to purchase stmx?
Q3)What’s like the num 1 guarantee way to not lose ur STMX tokens over a company’s mistakes?
Let’s delve into this.
1) We’ve got an update brewing, I don’t want to give a timeframe as this is on our product team, but I know some stuff that I can’t tell you more about ????
2) We’re in the process of giving our users a new option in the US. This should be live by the end of next week.
3) The age-old term “not your keys, not your coins” always applies. The joys of StormX are that we don’t require custody of your tokens. You can hold these on a wallet such as Metamask and reap the benefits of increased membership, and staking rewards.
What is your marketing strategy? How do you intend to attract your first users?
Well, I can’t give you a whole marketing strategy, but in terms of attracting first users, we’ve already done that. We’ve been growing since we launched in 2017, so what we’re focusing on now is the continued growth of the company, in global markets. We’re proactively focusing on hypergrowth strategies, that allow us to target the exact demographics we are looking for. We base these into three groups, “aspiring web3”, “crypto-native” and “traditional cash backers”. This allows us to tailor our message and onboarding strategy to speak to these groups at a more personal level.
You already have a solid position as a partner with all major e-commerce players, but how can you find such a strong partner? What’s the attractiveness of your platform for the partners?
Our sales team leads the charge in curating who we work with. We’re constantly seeking deals from industry-leading stores, and household names. We work very closely with these providers to expose them to a crypto-native audience, in return we can negotiate preferential rates (which we pass on to our users). The real magic comes from us being uniquely positioned to allow these companies the chance to reach crypto users and mitigate the risks of being in crypto themselves.
How can I obtain/purchase your tokens?
There are several ways to get STMX! You can buy it on exchanges like Binance, Upbit, FTX, or many others. You can accumulate STMX by shopping through our app or you can earn STMX by staking it! (6.5% P.A). If you want to have the complete list of exchanges STMX is available on, be sure to check our website here; https://stormx.io/token
As a girl who loves shopping, with the use of the Stormx app, where can I hunt for discount codes myself, with stormx, who are your famous marketing and communication channels?
That’s the beauty of it, you don’t need to hunt for discount codes. Through using the app, you’re getting better rates than most discount codes, better yet, you’re able to convert these rewards into crypto.
What factors help future investors to actively participate and believe in a long-term project, thereby further promoting ecological development?
I think you’ve just said it without realising it. Participation is always paramount to any project. It’s our users who are actively receiving rewards through the utilization of the app that makes it worth it. We love seeing people receiving hundreds, if not thousands back in crypto rewards. We also have a great referral program, which allows users to promote the app, and receive some great bonuses. To learn more about that, check out the referrals section in the app.
I remember a while back that there were some thoughts about changing the membership tiers. I understand the STMX token has gone down in value a good bit. I still find it hard to want to upgrade to any of the tiers higher than gold other than just hoping the value of the token increases. Is the team still considering changing the tiers?
At this current moment, we don’t have any plans. But that isn’t to say that we aren’t monitoring the accessibility of the memberships depending on the market. This is probably a bit of a vague answer, but there are a few factors to consider, we may instead look at introducing mid-tiers between. But again, that’s not concrete.
1) will we have to do KYC to use your platform and which countries are restricted to use the StormX platform
2) please tell us more about your new referral program and how it is different from the previous referral program
3) What are the benefits of availing stromX membership and how much does it cost to buy a membership?
4) please tell us more about your staking models and the benefits and utilities of owning $STMX Token.
5) Do you have 24/7 Support, if a problem arises while using your platform
1: We do not require KYC to use the StormX app!
2: if you scroll a bit up, you can see we replied above!
3: We have separate membership tiers, a bronze membership you can get for 3100 STMX.
Just to make sure, you don’t BUY a membership, you GET a membership by holding STMX in the connected wallet.
4: you can stake STMX for 6.5% PA! The best part is that the tokens don’t leave your wallet, they are only locked inside your wallet! Meaning you keep custody of it!
5: Yes, we have 24/7 support but since we have a huge user base, we allow our reps to reply within 48 hours after an issue is raised!
StormX is affiliated With over 1,000 stores now available, but want to know exactly where you can use StormX? Is there a brand from Thailand where I live?
We have a lot of stores available in Thailand! For example Lazada, Shopee, and AliExpress.
What does the StormX team feel is their biggest weakness and what is your biggest strength? If you were starting over again what would you change?
Tough question, I don’t think I’m able to speak on behalf of the whole team. But we’re human, we naturally are prone to potentially spotting things we could have done better. The real meat is in how we then learn from those opportunities and build upon them. I will say that one of our biggest strengths is experience and knowledge. We have a rapidly growing team with a great amount of knowledge in blockchain, crypto, e-commerce, tech, business and development. Great minds all working towards a shared vision, it’s a joy to be part of.
Can you share some stats on current users who are using the StromX platform and How much growth have you seen in the increase in Userbase from last year?
How do you see the adoption of an E-commerce project in the Crypto Space and Do you also offer Refunds if any Consumer wants to return the Product ??
So, if you want to return a product, you just do it like you always do. We are not involved in the shipping or payment process.
For the cashback part, we have a waiting period of 90 days before cashback becomes available on your account!
Thanks to everyone who asked questions, I know we probably didn’t get a chance to answer them all, but luckily, we have a lot of information on our website www.stormx.io, and you’re always welcome to ask questions via Twitter, or Discord.
See you all on the Leaderboard!
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