CashBag.co Launches the CBC token to disrupt +800B ecommerce industry with blockchain settlement.
South Africa based CashBag.co has announced the launch of their CashBag Token (CBC) and released their code on Github for public comment.
CashBag has been operating for 2+ years, is profitable and has over 135,000 members.
How CashBag works
They created a tool that helps savvy, savings conscious shoppers earn cash back and secure discounts on just about any online purchase.
Members either start their journey through the CashBag site or use the app and desktop toolbar to find deals from merchants.
By adding their own Cryptocurrency token, the company has enabled members to earn & spend tokens by engaging with brands through the platform.
How CashBag leveraged Blockchain
We spoke with CashBag’s co-founders to get the history of the project and why they considered CashBag to be a cryptocurrency company.
Kirsty Henderson is the COO and reflected on the origin of the business. “We’ve all been involved in the performance based marketing industry and we knew that consumers want to shop from stores that offer them a loyalty bonus, without requiring them to sign up for individual loyalty programs.”
“By aggregating this loyalty and giving our users a single site to join and start their shopping journey our users benefit by being able to shop at hundreds, if not thousands of participating merchants while earning real cash back and cryptocurrency bonuses.”
Partnerships
The company has already partnered with over 2000 global merchants including Netflorist, Spree, Hotels.com, Walmart, Booking.com, Emirates, Etihad and many more.
The company has partnered with Origin Protocol and is using the technology platform to build out their crypto enabled marketplace, where users can trade, buy and sell items.
Asked why a token is being issued Jonathan Miller, co-founder says “The largest single challenge faced by cash back sites is transaction processing cost and the time it takes to accumulate enough rewards to be meaningful. By leveraging the blockchain the company is eliminating this cost by introducing micropayments and instant settlement.”
CashBag members earn cash back rewards and ERC20 CashBag tokens each time they shop online. They can elect to be paid in cash or a combination of cash and tokens.
As the token issue has a fixed supply, no new tokens will be created after the initial token sale. The company will purchase the tokens from current token holders as it needs them to settle rewards to its members.
The token sale
The company is conducting a token sale through which tokens which are redeemable against advertising and other services on our platform can be purchased.
For more information please read the whitepaper at http://cashbag.io or join the telegram channel http://t.me/cashbagtoken
