Reward programs are growing in popularity among cryptocurrency exchanges as they seek to attract more clients to their platforms.
The crypto industry has traditionally used incentives to bring more traders into the market, and platforms with higher rewards naturally attract more investors.
Coincheck, a cryptocurrency exchange which is a subsidiary of Japanese financial services company Monex Group, has announced a partnership with Macromill Group to launch a survey service.
Macromill Group is a firm that specializes in marketing research, and they will join Coincheck in launching the Coincheck Survey service.
The service will enable Coincheck clients to exchange the points they acquire through rewards for cryptocurrency on the exchange.
Money Group’s official press statement on the partnership said that clients would be able to trade their Macromill points for XRP, Bitcoin, and Ethereum.
These points will be earned as compensation for the clients’ participation in surveys on the platform. This program will be up and running from the 10th of September.
According to Money Group, the partnership between Coincheck and Macromill will help the exchange provide its clients with expanding opportunities.
Through the access these clients will be given to crypto opportunities, the number of people that invest in crypto assets will likely grow.
Macromill usually offers its reward points to Macromill Monitors who participate in the firm’s surveys. Coincheck Survey will make it possible for participants in Macromill’s surveys to exchange their Macromill Points for one of the crypto assets listed.
The rise of crypto loyalty programs
Exchanges around the world are engaging in partnerships that will allow them to reward their clients for the activity they engage in.
Converting loyalty points into cryptocurrency gives an exchange’s users extra incentive to engage in business on the exchange and interact with the various other products associated with the platform.
Macromill and Coincheck will reward clients at a rate of 1 yen per loyalty point. Additionally, these points could be exchanged for products, digital assets, Amazon gift certificates, and other products.
People who trade cryptocurrencies will find these reward loyalty programs beneficial as they earn rewards for their business.
The partnership between Macromill Group and Coincheck is the latest in a series of similar moves by Japanese crypto exchanges.
An exchange loyalty program was also launched through a collaboration with bitFlyer, a Japanese crypto exchange, and Tpoint, a technology services firm. The exchange’s clients can earn Bitcoin and earn a variety of rewards for making payments using cryptocurrency.