If there is any way to bring in customers that is almost foolproof, it is through bonuses, rewards, and perks. Different industries have done this for years and now, it seems that Crypto is doing the same.
As more people are enthusiastically embracing cryptocurrency, many more firms in the FinTech space are offering rewards, and experiencing positive consumer results.
One of the latest examples of this is Plutus, a Crypto finance app that, on March 31, 2022, launched a new rewards programme that offers up to 8% cashback for shopping with a Visa Debit Card.
Plutus on the Rise
The recent update, which the company, termed Rewards and Accounts 2.0, includes the release of 3 new subscription plans and 4 new staking levels. These subscription plans and staking levels determine how much cashback you get (up to 8%), and also how many Perks you get.
Alongside the 8% cashback, the company recently introduced their revamped Perks programme, offering around 20 Perks including up to 100% rebates on Netflix, Spotify, Prime, Apple One, Disney+, and so on.
The timing of the announcement was also rather interesting as Crypto.com, which had a similar crypto card, announced the slashing of its rewards by about 70% shortly after on May 1, 2022. The response to this was Crypto.com’s native token, CRO, dipping by more than 30% within a week of the announcement.
In fact, the company received so much criticism and backlash from its customers that it had to walk back on its decision, though the revised rewards program is still less than what Crypto.com offered initially.
Meanwhile, Plutus was riding high as a result. The response to this announcement was overwhelming and resounding. First, the traffic to the Plutus website increased by 2,180% virtually overnight. Then, PLU, the native token of Plutus, saw an increase in value of 120% within a day of the announcement being made.
There was so much demand for Plutus cards that the company recently revealed that they may run out. In the weekend after Crypto.com slashed their rewards, Plutus onboarded more clients than it had since 2022 began. This showed somewhat of an exodus, with customers leaving Crypto.com with its depleted rewards and flocking to Plutus.
The Power of Rewards
This saga just goes to show that crypto lovers are looking for the best value for their money and are willing to change service providers to do so. It also shows just how passionate the crypto community is and how heavily they are willing to invest in a project if they feel appreciated.
The industry is bigger than ever now and with this comes more choices for crypto buyers. As such, companies have to stay on their toes if they wish to secure a place in the market.