$0.004565

StormX, established in 2015, ranks among the first worldwide cryptocurrency-based platforms. It operates as a mobile app and browser extension, providing users with cashback in crypto for online purchases. The platform partners with major brands like Samsung, Nike, and Lego. Users can stake the STMX token to increase their rewards. The company has received investments from notable entities such as Blockfolio, Litecoin Foundation, and Kyber Network. StormX has become a leader in the crypto cashback sector, offering cashback rates up to 87.5% on certain purchases.

Simon Yu, the CEO and co-founder, graduated from the University of Washington in 2014 and later participated in a Berkeley Blockchain Xcelerator program in 2020. His career began with founding Penguin Delivery, a service delivering Korean barbecue tacos to students. He then interned as a financial analyst at Amazon and worked as a senior credit risk analyst at KeyBank. In 2015, he co-founded StormX. Calvin Hsieh, the CTO and co-founder, holds a degree in computer science from the same university and also attended the 2020 Berkeley program. He managed and developed for Bomba Fusion LLC starting in 2015 and co-founded StormX with Yu that same year.

StormX stands out as the first crypto cashback solution enabling users to earn rewards on fiat purchases. By integrating blockchain technology with everyday spending, it brings crypto into mainstream finance. Beyond cashback, the platform appeals to crypto enthusiasts through staking opportunities and task completion. With over 750 online stores, users can accumulate cashback rewards, some offering up to 87.5% in crypto—an unprecedented rate for traditional programs. The company has also secured over $30 million in funding from industry players.

STMX has a total supply of 10 billion tokens, with a circulating supply of 8,412,333,047 STMX. According to the whitepaper, 25% of the total supply was allocated to the company and founding team. Another 23% is locked for platform use and support. Over 40% was distributed through crowdsales, and about 10% went to users. Initially launched as STORM, the token underwent a swap in 2020 to become STMX.

As an ERC-20 token, STMX is secured by Ethereum's proof-of-stake (PoS) consensus mechanism. PoS relies on stakeholders to validate transactions, differing from Bitcoin's proof-of-work (PoW). PoS is more energy-efficient, requiring less computational power. Being an ERC-20 token, STMX is widely distributable and exchangeable, and it can be integrated into decentralized applications and smart contracts on the Ethereum blockchain.

Since its establishment in 2015, StormX has become popular among crypto users, making STMX available on several exchanges. Binance is one option for purchasing STMX, and it is also listed on Bittrex. For more details on buying cryptocurrencies, refer to additional resources.