Crypto cashback shopping from Coinbates, our first weapon of mass adoptionby Omar Chowdhury Founder
With the launch of our first product, crypto cashback shopping, the crypto market now has a way of introducing and onboarding new participants into the new economy in a manner that is frictionless, risk-free and of a net benefit.
Frictionless: Coinbates is a way for people to ease into crypto.
With Coinbates’ crypto cashback, we embed the distribution of crypto into a commercial activity that more than 220M people participate in every year in the United States alone: online shopping.
70% of the United States population engages in e-commerce, with this group on track to spend more than $500 billion online this year.
Crypto cashback shopping at Coinbates does not require anything to be installed, and an account is free to setup. Users simply click through to our participating merchants from our merchant catalog, complete a checkout with credit or debit card as they normally would, and they’ll get a percentage of the purchase back in the crypto of their choice.
Now grandma can get into Bitcoin, too.
Riskless: Because of Coinbates, people can now enter into crypto without taking on any financial risk.
Our business model is simple. Merchants pay us (in fiat) a commission on sales from customers that we send to their e-commerce websites. We then take a big portion of that, transform it into crypto, and give it back to our users.
In doing this, Coinbates adds fiat liquidity to the crypto markets, while stimulating crypto use among consumers, all at no added cost to them.
Net benefit: Coinbates offers a perennial attractor: savings.
Each time someone uses the Coinbates merchant catalog to get crypto cashback, they’re walking away from the transaction with crypto that is essentially a discount on a purchase.
The fact that our core product produces savings for people, means it will never go out of style, boom or recession.
Supporting crypto cashback in these 15 digital assets
We built the crypto cashback product not only for people new to crypto, but also for crypto-enthusiasts like ourselves to have another way of getting our favorite coins and tokens.
As stated in our Mission post, we believe that crypto is about the freedom of choice, and that’s why we’ve decided to support multiple cryptos for crypto cashback.
Here are the 15 coins that we are supporting at beta launch: Bitcoin, Ethereum, BATES Tokens, Litecoin, Monero, Nano, Binance Coin, EOS, IOTA, Bitcoin Cash, ZCash, and XRP.
It’s on our roadmap to integrate more assets over time. We will announce support for new coins periodically.
2,086 supported stores in our merchant network at launch
We’ve been careful to integrate a roster of merchants that are both well known and from an assortment of categories.
At launch, big names in fashion and apparel such as Gap, Lacoste, DKNY, Calvin Klein and Bloomingdales are available. In consumer software and hardware, we have Microsoft and Lenovo. ASICS and New Balance from the footwear category are also live, as well as Bodybuilding.com and TRX in health and sports.
Want to see our full merchant catalog? Create your Coinbates account and browse our merchant catalog to see our complete roster of 2,000 launch brands and retailers:
Constant and sustained growth of our merchant catalog is an important part of our roadmap.
Get more cashback with our membership token for consumers: BATES
Spend our brand native token for upgraded memberships and get more crypto cashback on every purchase. There are three levels of membership available at Coinbates: Free and Maximum.
Free accounts at Coinbates cost nothing to maintain, but offer the lowest cashback at each merchant, with 50% of the merchant paid commission being split with the user to fulfill their crypto cashback.
Maximum accounts offer to users 100% of the commission available, at a cost of only $15 in BATES per year.