Gojoy — a digital rewards startup has announced the completion of a $10 million token sale event for its native cryptocurrency. The company also says it has finalized plans to list the token on the CBX exchange.
Reports indicate the listing will see Joy Coin being traded against some major cryptocurrencies like bitcoin (BTC) and ether (ETH). Gojoy’s announcement is yet another pointer to the emerging trend of crypto-related rebate programs which some experts believe could set the stage for greater virtual currency adoption in the retail shopping space.
GoJoy Completes $10 Million Fundraising
In a press release issued by the company, Gojoy announced the completion of a $10 million fundraising round. According to the press statement, the company sold $10 million worth of Joy Coin — its native cryptocurrency token in a blind auction to over 46,000 investors.
Commenting on the success of the token sale event, Steven Lin, the CEO of Gojoy declared:
The auction surpassed our highest expectations and we look forward to creating and sharing more wealth with everyone.
Gojoy is a cryptocurrency-focused rebates startup looking to reward merchants and customers with virtual currencies for participating in the online retail market. The company is one the players in the rapidly emerging crypto rebate scene which some commentators say could trigger increased digital currency adoption across the world.
Apart from the $10 million successfully raised from the blind auction, the company reportedly wishes to commit about $5 million more into the reward program to incentivize more participants
The company says it has disbursed more than $3 million worth of rewards to over 320,000 customers since it began operations back in December 2018. Most of the recipients have been Chinese-based consumers.
Gojoy also revealed that Joy Coin would be listed on the CBX cryptocurrency exchange. The listing will see the token traded against BTC, ETH, and USDT.
The company says the listing will begin the process of creating liquidity and extra utility for the Joy Coin cryptocurrency as it supports the crypto-rebates program.
Emerging Trend of Cryptocurrency Rebates
Gojoy’s program joins a steadily developing sub-niche within the cryptocurrency rewards arena. Unlike the general crypto rewards space, these rebates programs look to incentivize consumers who aren’t necessarily virtual currency adopters by providing digital tokens as rewards for online shopping.
Thus, even when they achieve some success, it hardly leads to greater global virtual currency penetration since the programs are catering to the usual crowd. For startups like Gojoy and Lolli, the aim is to bring crypto rebates to those who ordinarily aren’t cryptocurrency adopters.
In this regard, Lolli continues to strike useful partnerships with major retail brands like Walmart, Best Buy, and more recently Hotels.com. The browser extension service says it has standing collaborations with no fewer than 500 prominent retail brands around the world.
With such a massive network of partners, Lolli says customers can enjoy as much as 30% rebates on their online shopping. These money-back rewards are in the form of BTC thus providing mostly non-bitcoin users with the virtual currency.
The overall goal is to have shoppers stack a lot of satoshis (sats) which could eventually lead to them wanting to use these sats to purchase items online. With bitcoin continuing to be in a bull market, these reward earners could see their stacked sats amounting to a significant U.S. dollar value.
Such a scenario does lead to a secondary aim of these rebates programs — the creation of a mutually beneficial reason for wider BTC adoption both for merchants and consumers alike.