StormX Announces $6.03m Growth Round Adding Early PayPal & Honey Investors Plug and Play Ventures to the Line-Up
SEATTLE, WA / ACCESSWIRE / April 13, 2021 / StormX, the leading crypto cashback provider announced today that they have successfully closed their latest growth round. Securing a total of $6.03 million to further expand their product offerings, team and highly increase their marketing efforts.
“We’re excited to bring so many great strategic investors to help us expand StormX to the next big milestone. StormX is one of the few cryptocurrency products out there that has bridged the traditional and the DeFi user base allowing us to create a unique product offering across 3 million users. These investors will help us open doors to the next milestone and fulfill our vision which is to create the ultimate marketplace that gives people a place to earn.” - Simon Yu, CEO & Co-Founder, StormX
StormX adds notable investors such as Ohana Northwest LLC, Plug & Play Ventures, Chek Lim, CTO of Tango Card, Anthony Yoon, Advisor of Serum, Solme Kim, Head of Product at TikTok, CK Wang, CEO of KooApps, Cultur3, Zee Zheng, CEO of SpaceChain, and Joseph Gerges, Director & Film Maker.
Amongst the investors (of which some have joined as equity investors and others have purchased tokens from the company treasury) is Plug and Play Ventures. Plug and Play Ventures was an early investor of PayPal and was also one of the early investors of popular rewards app, Honey - which was later acquired by PayPal for $4 billion.
“As the crypto market continues to grow, we are excited to be backing StormX! Due to their scalability, user engagement experience, and low transaction fees StormX will be able to provide crypto rewards at a more efficient rate than others in this space. We plan to help them scale through our corporate and VC network and will be very active in helping them strategize strategic partnerships.” - Plug and Play Ventures
The new investors join previous investors such as Bill Shihara, Co-Founder of Bittrex, Ari Paul, CTO of BlockTower Capital, Anthony Di Iorio, Co-Founder of Ethereum & Decentral, Liam Robertson, CEO of Alphabits Capital, among others.
“Having known Calvin and Simon since 2016, I’m excited to see StormX take this step forward. Their company provides a valuable service by getting crypto into the hands of users who shop online.” - Bill Shihara, Co-Founder, Bittrex
This growth round comes at a time when StormX is expanding, as it continues to add utility to its token, along with new ways to receive further Crypto Cashback, such as via their upcoming Debit Card. The team is currently working on expanding its existing product through the addition of NFT-related offerings, governance (the ability for users to vote on product development, and other aspects of the StormX ecosystem) along with adding further enhancements for users.
StormX has taken the traditional cashback model and supercharged it. By utilizing the powers of blockchain technology, they have been able to offer industry-leading rewards, cementing themselves as the leading Crypto Cashback provider. Their app is available on iOS and Android and features over 32 million downloads globally, and has paid out over $2.8m in crypto cashback rewards. With an offering for first-time crypto users, and seasoned pro’s alike, it’s easy to see why they’re taking the crypto world by storm. StormX is forever growing the merchants it works with and currently has offers over 750 shops, across 150+ countries.
Start your crypto cashback journey today
Matthew Chuen, Head of Marketing
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