Fluidity launches crypto cashback on Request Finance

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  • Liquidity Money seeks to encourage blockchain usage by rewarding users when they spend their crypto.
  • The platform is offering a cashback system employing a new yield-generation mechanism.
  • Cashback payments are currently in stable coins such as USDT and USDC.

defi protocol liquidity funds has announced a cashback program that will see businesses reward their customers when they pay for goods and services using crypto.

The goal is to encourage as many people as possible to use them crypto for payment By rewarding them whenever they do so. According to Liquidity, the “spend-to-earn” program is a collaboration with enterprise crypto payment app Request Finance.

Cashback payment in stable coins

Liquidity says the new cashback program will allow merchants to earn rewards when they integrate crypto payments.

,Request Finance helps thousands of venture teams and DAOs easily access stable coins. We wanted to work with them to introduce this cashback program to reward people for using stablecoins to pay.”, said Shahmir Choudhary, CEO of Fluidity Money.

The program will work by giving rewards in a stable currency, such as lanyard, whenever a sender or a recipient uses the app. Users will benefit from a loyalty program that doesn’t eat into cashback through hefty interchange fees, as is the case with credit card-type programs.

The platform said that the distribution of cashback rewards will be random, with payments sent to users’ wallets.

While support is currently for stablecoin payments, Fluidy Money plans to expand the program to other loyalty offerings, and may add non-fungible tokens (NFTs) and other rewards at a later date. In this case, Request Finance will award rewards based on the type of NFT.

Payments from NFT-related deals will include token-gated offerings, air miles and tickets for digital collectibles.

How does Fluidity Money work?

Liquidity funds work with wrapped stable coins, or what are called “liquid assets”. To obtain these liquid assets, stable coins such as USD Coin (USDC) and Tether (USDT) are deposited into the Liquidity webapp. Stable coins are minted to generate cashback rewards.

Staking stable coins with any liquidity requires that an equivalent amount of USDC or USDT be deposited into a smart contract, with lending to the DeFi protocol to generate a yield.

Fluidity smart contracts are audited by Bramha Systems and 80% of the yield from protocols like Compound goes to the cashback program.

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