SEATTLE - 27th July, StormX, the leading crypto cashback provider has received a $9M investment from Optimista Capital, a VC firm exclusively dedicated to blockchain startups.
As StormX continues its expansion primarily across the U.S, the funding will be used for the acceleration of product development, increased marketing spend, and aggressive hiring. As a VC dedicated to blockchain projects, Optimista Capital is best positioned to ensure StormX fulfills its mission of increased mass adoption of digital assets and the way people utilise them.
“We're excited to be working with Optimista Capital. Most crypto companies try to focus on a niche user already based in the industry. What makes us different is that our focus has always been mass adoption and not just the existing crypto users. Christian and his team were ones to see our vision and we're excited to be able to grow it with this capital infusion.” said Simon Yu, CEO & Co-Founder of StormX.
This new round of funding follows a $6.03M growth round in April, led by PayPal & Honey investors Plug and Play Ventures, bringing their total fund raise this year to over $15m.
The funding will go towards growing the company both in its public-facing marketing, but also within hiring and further app development.
“Optimista Capital is fully behind StormX’s journey to integrate cryptocurrency into the mainstream, so digital assets are widely adopted into people’s daily lives. As the global economy becomes more reliant on the internet, StormX is considered one of the most important clients in Optimista Capital’s portfolio.” said Christian Bolling, Co-Founder at Optimista Capital.
Since launch, StormX has paid out over $4 million in Crypto Cashback rewards and has grown a user base across 180 countries. Earlier this year, the company made history by becoming the Exclusive Blockchain Partner to the Portland Trail Blazers, making the company the first crypto jersey patch partner in the NBA.
The team at StormX has grown 25% in the last quarter with plans to expand up to 50% from the beginning of 2021. The app has over 3 million app downloads and continues to grow.