Purpose and Drop Partner to launch new cryptocurrency rewards
By Edlyn Cardoza
Purpose Investments Inc., a world leader in digital asset management, is excited to announce its collaboration with Drop Technologies Inc., a popular rewards platform with over 5 million users in the United States and Canada.
Drop Premium users can use their points to get exposure to Bitcoin and Ether in a straightforward and easy way. By linking the value of their points to cryptocurrency, users will be able to get exposure to Bitcoin and Ether through the industry-leading Purpose Bitcoin ETF and Purpose Ether ETF.
“Through our ETFs, we were able to provide an easy and convenient way for people to own cryptocurrency without the hassle of a digital wallet. Now by working with Drop, we’re excited to enable further democratization of crypto by providing a new way for people to gain exposure to the crypto market through their points on a leading rewards platform,” said Som Seif, Founder and CEO of Purpose.
With crypto rewards, your amount of Drop points will be tied to the price of Bitcoin or Ether, meaning that if you link your Drop points to Bitcoin and the price of Bitcoin increases, so will your number of points. This innovation allows users to participate in the crypto market and earn points that they can redeem at many major retailers around the world, such as Amazon, Netflix, and Starbucks, without having to directly buy or own crypto.
“We know our users are fascinated with the world of cryptocurrency, yet at the same time are looking to educate themselves before taking the plunge,” said Derrick Fung, CEO of Drop. “We want to empower users with the opportunity to take their first step by giving them the option to convert points into Bitcoin and Ether; from one digital currency, to another, and back again. It’s dynamic opportunities like these that make us feel good about our decision to choose points versus cash-back as Drop’s rewards currency of choice.”
Deciding to add Bitcoin or Ether to your Drop account by way of reward points means you get the opportunity to reap the benefits of learning more about the world of crypto without having to use your own money to do so, a win-win for those new or more risk-averse to the concept.
“This is truly an exciting milestone for the global finance industry. The fact that two Canadian companies were able to come together to deliver this one-of-a-kind program goes to show the leading innovation coming out of the Canadian fintech sector,” concludes Seif.
IBSi Daily News Analysis
November 28, 2023
A $4 trillion Islamic banking market to be driven by FinTech, study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage