Fluidity launches cashback program on crypto fee app Request Finance

• Fluidity Cash seeks to incentivize blockchain use by rewarding customers after they use their crypto.
• The platform is providing a cashback system using a brand new yield-generating mechanism.
• Cashback payouts are at present in stablecoins like USDT and USDC.

DeFi protocol Fluidity Cash has introduced a cashback program that can see companies reward their clients after they pay for items and companies utilizing crypto.

The objective is to incentivize extra folks into utilizing their crypto for funds by rewarding them every time they achieve this. Based on Fluidity, the “spend-to-earn” program is a collaboration with enterprise crypto funds app Request Finance.

Cashback payouts in stablecoins

Fluidity says the brand new cashback program may also enable retailers to earn rewards after they combine crypto funds.

“Request Finance helps hundreds of enterprise groups and DAOs use stablecoins simply. We wished to work with them to introduce this cashback program as a enjoyable means of rewarding folks for utilizing stablecoins for funds”, Shahmeer Chaudhry, the CEO at Fluidity Cash, stated.

This system will work by providing a reward in stablecoin, like Tether, each time a sender or recipient makes use of the app. Customers will profit from a loyalty program that doesn’t eat into the cashback through large interchange charges, as is the case with credit score card-type applications.

Distribution of the cashback rewards can be random, with funds despatched to customers’ pockets, the platform stated.

Whereas help is at present for stablecoin payouts, Fluidity Cash plans to broaden this system to different loyalty choices, and will add non-fungible tokens (NFTs) and different rewards at a later date. On this case, Request Finance will provide the rewards relying on the kind of NFT. 

Payouts from NFT-related offers will embrace tickets to token-gated choices, air miles, and digital collectibles.

How does Fluidity Cash work?

Fluidity Cash works with wrapped stablecoins,  or what’s known as “Fluid Belongings.” To acquire these fluid belongings, stablecoins equivalent to USD Coin (USDC) and Tether (USDT) are deposited into the Fluidity Webapp. The stablecoins are then wrapped to generate the cashback rewards.

Minting any Fluidity stablecoins requires that one deposits an equal quantity of USDC or USDT into a sensible contract, with these lent out to DeFi protocols for yield technology.

Fluidity good contracts are audited by Bramah Techniques and 80% of the yield from protocols like Compound goes into the cashback program.