Proposal to add USD cash back

Hello all, I’m proposing the team add USD as an option for cash back that would transfer directly to your bank in addition to the crypto options. The reason being people’s confidence in crypto. Having dollars as a cash back option would allow for a broader customer base that simply crypto enthusiasts.

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I do agree! I also think whatever USD stabelcoin we use should be on non eth chain. Specicislly i wpuld suggest BUSD on BSC. Lower fees.
Another option could be USDC on eth, But i hopr USDC is on other chains aswell.

As you stated in discord, most common users arent familar with dai, and wouldnt expect dai to be a stablecoin

I think USDC would be a better option. As far as I’m aware of binance USD has issues in the UK and maybe other countries as well so using one that is less affected by regulation like USDC would be better.

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With existing options for USD cashback already out there (Honey, Rakuten, etc.) and also them having bigger brand recognition, do you worry at all that offering a USD option would essentially result in StormX doing something that would be putting them at a competitive disadvantage? I understand that there’s a lot of crypto skepticism at the moment, but it isn’t obvious to me how offering a USD option would improve that skepticism and/or encourage crypto adoption, which I do feel like is one of the goals of StormX.

Correct StormX’s goal is crypto adoption, but reality is giving crypto only as a cash back option at this point in time it takes away from a larger market share. Right now the goal is to take up as much market share no doubt as crypto begins mass adoption people will see the value of crypto as cash back means. I’m trying to see this in the viewpoint of someone who has no clue what crypto is…offering a USD option opens up a door and the potential for them to explore different cash back options in the future.

I’m curious if anyone has concerns about USDT, USDC and BUSD being centralized stablecoin projects? I know StormX is mostly centralized, but I’m curious to know if maybe DAI is the best choice for stablecoin withdraw due to its decentralized setup. It certainly doesn’t have the utility of those other options from a trading pair perspective, but it is at least a decentralized solution. I know that there’s been discussion about the community ‘owning’ the withdrawal option list. Is that a project that we think we might want to get started on? There’d be a lot more work involved in that project, but it might help us to make decisions on how many coins/tokens, what mix of coins/tokens and how often we should be revisiting those options.

I think having a stable coin would be a good idea regardless of which one it is. Dai would tick the decentralised boxes. In my opinion it’d be more useful having a stable coin than coins such as doge.

Can you elaborate on the project you just mentioned. About the community “owning” the withdrawal list?

This would be a vision casting statement about our project and our community. Alex had said this as something we could/should work towards some day. Basically we’d have to draft (in collaboration with the team of course) the parameters of what is feasible and then how we’d manage and govern the list. So things like, should we always have the Top 2 crypto coins/tokens as options by market cap? Should we always have a stablecoin? What about more than 1 stablecoin? Should we always have a meme coin? Should we have a maximum number of coins/tokens?

There are a lot of questions we’d have to get through if we were to ‘own’ the withdrawal list, but it would be a task that in theory would be possible to tackle as a community via governance. I think there is a question of timing for when that task should be undertaken, but if we want more ownership of the withdrawal token list, we as a community will need to demonstrate we’re capable of owning the list.

No doubt as the community we represent the best interest of those using the application. If we could give the mainstream users what they want this would naturally lead them to want to use the app. The current list of cash back options at the moment seems very limited.

If I recall properly, there are some technical issues and cost considerations with having too many options for withdrawal tokens/coins, so the list isn’t best being limitless. But we were to decide as a community to make the attempt to have more ownership on the withdrawal list, that is likely one of the questions we’d have to ask and have an answer for. How many options is best?

I’m late on this topic but… I like the idea of having USD available as a withdrawal option. I don’t see it as a competitive disadvantage, but rather, an advantage over other companies that offer similar options as StormX offers crypto AND USD.

We have to think… what percentage of the population is informed on crypto, and to what extent? The app is missing the larger market share completely. In terms of the onboarding process to both the app and the crypto space, I think having USD as an option to withdraw is great.

It’s much easier to refer someone that has no idea about crypto to a crypto app with something that person is familiar with, USD. It removes fear and uncertainty from getting into StormX. At some point, I would say that they would utilize that crypto aspect and eventually start withdrawing in crypto, especially when the markets are doing well.