Startup offers crypto for cash to any bank in Australia

AvatarKatie McDonaldOctober 5, 2018
Crypto for cash offered to banks in Australia

Melbourne-based blockchain startup Shping has launched a new app that could remove barriers to digital asset take-up by letting users earn and redeem cryptocurrency while shopping.

Shping unveiled its new cash feature this week, an additional plug-in to its existing shopper app in a move that it says will help make crypto more user-friendly – the first crypto application to offer direct cash out to any bank in Australia.

The new wallet feature is part of an integration with a licensed exchange and was created on the GS1 global industry standard.

This industry standard enables consumers to scan any product barcodes for information on the items and to earn Shping Coins, which are used by brands and retailers to directly reward shoppers for simply scanning or engaging with products.

“With this powerful tool in hand, we give them the opportunity to engage with brands on their terms. And we keep adding exciting new features to it based on what they tell us,” said CEO of Shping Gennady Volchek.Click To Tweet

“We think of the Shping app as a shopping buddy that allows consumers to have a better shopping experience,” he said.

Coins can also be given for writing reviews, watching videos and sharing information about products.

Cash out is currently available in Australia with Shping looking to rollout the technology to other countries.

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