Just about every grocery store chain has some form of loyalty scheme to assist consumers with savings. However, Walmart has stepped out in a big way. The major retailer has announced that it will allow customers to gain cashback points in crypto tokens at their stores.
An Explanatory Guide To Walmart’s Crypto Loyalty Scheme
The update from the consumer good’s giant came on the 14th of August. Walmart is partnering with popular online rewards platform StormX to bring about this new offering. A consumer will be eligible for 4% return on any items purchased through Walmart. The accumulated points are available within a variety of cryptocurrency tokens.
Individuals who manage to reach the rank of Diamond in the StormX application have further incentives. These shoppers will be able to earn a maximum of 14% in crypto back. The CEO of StormX, Simon Yu, was quoted as saying that this partnership will increase membership for the platform. He further continued, stating that they were anticipating high numbers of user uptake.
Reviewing Storm X And Walmart’s Interest In The Industry
StormX is not new on the block to major collaborations; in fact, Walmart is one of many recognizable collaborators. These partnerships include the likes of Nike, eBay, Samsung, and Microsoft. They went on to state that StormX has to date delivered over $2 million back to its users.
Walmart is not entirely new to the cryptocurrency or blockchain industry. Earlier this year in June, they shared news of a project they were undertaking with VeChain. This project has allowed them to create a supply chain oversight solution that can keep track of edible products with blockchain. In addition, within March, the giant consumer goods retailer enrolled within the Hyperledger blockchain project.
The Ending Of Online Scams Within The UK
The National Cyber Security Center, or NCSC, within the United Kingdom has shared an announcement. They stated that the organization has eliminated 300 000+ fraudulent URLs on the internet. These URLs were containing messages that impersonated celebrity approval of a variety of investment offerings. Apparently, more than 50% of these sites were linked to cryptocurrency scams.
The report shared by the NCSC stated how they used major personalities within the UK, such as Richard Branson. The data has caused quite a lot of concern amongst the regulatory bodies, and therefore, they have taken action.
Strategy Behind The Removal Of Suspicious Websites
The CEO of NCSC, Ciaran Martin, stated they have a two-pronged approach to this campaign. Firstly, they are raising general knowledge of the issue. Secondly, they are making sure that those perpetrating the acts are aware that they have been noticed. The UK is not alone in this, as the Australian Securities and Investments Commission, or ASIC, shared similar sentiments.
The general advice is to be wary of applications that claim to have been endorsed by a public figure. Therefore, make sure to engage in thorough research and verify the authenticity of the website. If alarm bells appear, then trust your gut and walk away.
You Might Also Like:
- Crypto App Suffers Losses
- Walmart China Unveils Blockchain Project To Track Food Supply Chain
- Crypto Engine Review 2020 – Is it a Scam or Safe to Use?