Hey dear Lympo followers,
As you have already known, we have integrated with Samsung Health to offer you an easier and simpler way to track your daily steps and use them within the app to complete challenges. But we have even better news for you today.
Starting today — July 10th, 2019 — you will be able to withdraw your hard-earned LYM coins to a Samsung Blockchain wallet. Yep, you read it right. You will be able to withdraw LYMs. To a real blockchain wallet. Exciting, isn’t it?
The feature will be supported on a few selected models (at least for now) which support Samsung Blockchain Keystore and Samsung Blockchain Wallet. These devices are Samsung Galaxy S10, S10+, S10e, S10 5G sold in South Korea, the United States. App supporting this feature can ONLY be downloaded from Samsung’s Galaxy Store.
“Lympo is one of a very few tokens that are supported by the Samsung Blockchain Wallet. We are very proud to be amongst the pioneers and feel honored to have achieved this milestone.”, — Ada, Lympo CEO.
How to withdraw LYMs to the wallet?
First, make sure you have initialized Samsung Blockchain Keystore set up (Settings — Biometrics and Security — Samsung Blockchain Keystore). IMPORTANT! Do not forget to write down and keep secure your seed words in case you ever need to restore your wallet.
After setting up the Keystore, be sure to download Samsung Blockchain Wallet app from the Galaxy Store. Done? Then you should be ready for your first withdrawal.
Pssst…if you are hasty to open the app and try withdrawal option before doing the above, Lympo app will ask you to complete the setup first. As a friendly reminder 😉
Finally, you are ready to make your first withdrawal. The process will have several easy steps (they do not differ from any regular item purchase within the app):
- Select the amount you want to withdraw*
2. Press “Buy”
3. Fill in the required info in the next screen
4. Enter a confirmation code (received to provided email in the previous screen)
5. Wait for LYMs to appear in your Samsung Blockchain Wallet**
* For now, we will offer 3 withdrawal options with a fee to cover our operational and transactional costs:
- 1000 LYM voucher for 1100 LYMs
- 3000 LYM voucher for 3250 LYMs
- 5000 LYM voucher for 5250 LYMs
Am I eligible for a withdrawal?
Anyone who owns the mentioned phones (Samsung Galaxy S10, S10+, S10e, S10 5G with a Samsung Blockchain Keystore and Wallet features) are eligible. Withdrawal option will be visible ONLY for compatible phones, i.e., if you see the item in the marketplace — you can withdraw it, and vice versa. Oh! You should be of legal age to operate cryptocurrencies in your country of residence and comply with Lympo app Terms & Conditions.
**How long withdrawal will take?
Transfer to your Samsung Blockchain Wallet might take up to 48 hours due to the background checks of each transfer. These measures are taken to comply with AML and KYC procedures, as well as to minimize the possibility of ill-intended transactions.
Can I exchange LYM to the real money?
Yes and no. We do not offer the direct exchange to real money, thus, NO. However, once you have withdrawn LYMs to Samsung Wallet, you are free to do with them whatever you want: keep in the wallet, buy items at Lympo Shop or transfer them to an exchange and sell for the currency of your choosing.
Hope you liked the news. More great things will be coming this year, so be sure to frequent our Medium.
See you in-app, o’Lympian!