The Vancouver-based Glance Technologies, the company behind Glance Pay, has announced they will create a new cryptocurrency intended to reward customers who purchase through the Glance Pay app.
The Glance cryptocurrency, as it is named now, may be used throughout the Glance Pay app and its affiliated applications, as well as outside the Glance Pay app itself.
The cryptocurrency will act as a reward system to encourage users to regularly use and spend with the platform. Cryptocurrency rewards will be earned every time someone spends on the mobile payment network, even if they have paid with the new cryptocurrency itself. It’s almost like paying for something with Canadian Tire money and getting some of that Canadian Tire money back as soon as the transaction finishes.
This method of rewarding crypto for crypto-based purchases will hopefully drive quick adoption for the new currency, and better acquaint users who are being introduced to cryptocurrency for the first time through Glance.
At this point, there is hardly any introduction needed as to how quickly Bitcoin and other cryptocurrencies have grown. Bitcoin shot past $5,000 USD under three weeks ago then left that high in the virtual dust, as it currently sits at $6,275. The market cap for all cryptocurrencies exceeds $130 billion.
“We believe that there is an enormous potential for cryptocurrencies to change the payments and rewards landscape,” says Glance CTO Angela Griffin, “We are excited to leverage blockchain technology to disrupt the global payments industry with our proven mobile payment and anti-fraud technologies.”
This move by Glance fits well with a recent report from Accenture detailing how rewards systems should be driving the growth of both big banks and fintech companies. According to that study, 67 per cent of customers want access to rewards when they swipe their cards, and the Glance cryptocurrency will provide users with that satisfying experience.
Glance has been preparing for this move for a while now, as last month they added Spiros Margaris to their advisory board, one of the top blockchain and fintech influencers in the world. Earlier this month Glance also entered a partnership with Netcoins, a company that enables stores to become Bitcoin teller locations through virtual ATM software.
In the meantime, Glance will work towards publishing that all-important white paper for their rewards cryptocurrency, as well as the technical design and rollout of the system. The company has expanded rapidly, seeing year over year growth of 55,874 per cent from Q3 2016 to 2017.