An app says it offers crypto rewards for shoppers who make purchases at some of the world’s best-known e-commerce platforms — including eBay, Amazon, Lazada, Best Buy and Nike.
Inevitably, one of the downsides of indulging in a little bit of retail therapy every now and again means that you’re left with less cash after splashing out on a brand-new pair of jeans or some headphones.
Social Good Foundation Inc., the operating company behind SocialGood, says that it aims to change the status quo — and end a vicious cycle that means many everyday consumers struggle to amass savings, irrespective of how hard they work.
Widening economic inequality has been touted as a major global issue by the World Economic Forum — a problem that only appears to have been exacerbated by the coronavirus pandemic. A powerful example comes in the form of Amazon, which managed to almost double its net income to $21.3 billion across the whole of 2020.
The SocialGood team has an ambition of ensuring that prosperity is shared between everyone. An intuitive app has been created where everyday shoppers can buy the items they desire from mainstream marketplaces and receive crypto as cashback. These rewards are proportional based on the value of the purchases that are made, and can be redeemed around the world.
A business innovation plan submitted by Social Good Foundation Inc. has received approval from Yuriko Koike, the governor of Tokyo. With this approval, it paves the way for the company to receive support from the Japanese government in the form of low-interest loans, a reduction of patent-related fees and support for overseas expansion.
Social Good Foundation Inc. was founded by serial entrepreneur Soichiro Takaoka, who has run a fintech group since 2005.
The SocialGood team’s actions are based on the belief of "making society better" — connecting the world through crypto assets and creating an expanding ecosystem where all individuals and companies, as well as society as a whole, can succeed.
More insights from SocialGood here
An unusual twist
One downside that has emerged with some of the other rewards programs out there lies in how the value of the crypto that has been received can fall in the event of a bear market. This can make initiatives that compensate shoppers in Bitcoin and Ether rather unattractive. The SocialGood team claims that it offers a solution to this problem through the use of SG tokens, with the project claiming that, in general, this cryptocurrency can never be redeemed for less than how much it was worth at the time it was issued.
The company behind this model says it has already obtained several patents in Japan and international patents are pending in the US, China, the EU, India, Southeast Asia and other major countries around the world — comparing it with Amazon’s patent for one-click shopping. In time, it’s hoped that this technology will be licensed to other companies who are hoping to expand their own token ecosystems.
Learn more about SocialGood
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