Crypto News

One of the primary reasons consumers shop online is to take advantage of the convenience it offers and excellent bargains such as cash-backs, coupons, discounts, and other incentives. Now that we are entering the third generation web – web 3.0,  cryptocurrency is taking the lead in that sense as well. As a consequence, the number of buyers who have embraced cryptocurrencies within e-commerce has grown exponentially. Interestingly, there is a project that is merging these two concepts – it is referred to as SocialGood.

About SocialGood – The Crypto Shopping App

To address the world’s growing economic inequality problem, the Japan-based Social Good Foundation developed a mobile crypto back app called SocialGood, which stands out because it offers 100% crypto back. This is quite different from other crypto apps that offer cash-back options. With other apps, shoppers can only expect to receive a 1% to 3% cashback. Besides that, other firms offer a waiting period of up to three months. With SocialGood, the waiting period to receive the crypto back can be as little as 30 days. The app is available for both iOS and Android users and it features several eCommerce partners, including eBay, AliExpress, Myntra, Best Buy, Alibaba, and many others.

SocialGood aspires to contribute back to the community in which it operates. It is a community-driven cryptocurrency initiative to improve the world and create a win-win-win situation for buyers, merchants, and society as a whole, all while connecting the world through the use of cryptocurrencies and blockchain technology.

How SocialGood App Works

The process is extremely simple and only involves a few steps.

First, shoppers buy goods using fiat currency. They can pay using any of the supported payment options on the eCommerce site. Once they do this, they qualify for up to 100% of the value purchased back in crypto up to $10,000.

Second, they will receive a notification that their crypto is pending in the form of the SocialGood coins (SG) within a few days. Shoppers will be able to withdraw this crypto within a month of shopping.

The final step is withdrawing the crypto. Crypto can be withdrawn once the partner company has approved the purchase, which can take a month. SG is currently listed on leading crypto exchanges such as BitMart, Uniswap, and Bittrex. Users can also receive up to 15% APY in staking rewards if they hold onto their SG. Since the utility of the SG tokens will continue rising, their value is likely to continue growing with time. The SocialGood app is a growing movement that has over 600,000 members globally.