Some projects are not afraid of entering the crypto market during tumultuous times, seeing volatility as opportunities rather than threat and DragonBite is one of them.
The DeFi app designed for customers to store and swap all their loyalty rewards points into crypto currencies showcased in Cointelegraph last month after raising USDT 2.7 million from a private investment sale in less than 48 hours, is pleased to announce a strategic collaboration with BitMart.
Under a signed agreement, DragonBite committed to provide liquidity to the leading trading platform domiciled in Cayman Islands against technology development support and the opportunity to participate in pilot projects to drive Dragonbite’s awareness within the digital assets space before its token gets listed on BitMart.
The loyalty point market across all sectors is estimated to be worth US$ 316 billion and, for DragonBite, represents an unprecedented opportunity to introduce loyalty point customers to the crypto currency world.
By tapping into the loyalty point segment, DragonBite garnered immense attention: Both investors and industry partners show interest and want to be part of it.
DragonBite’s Dapp will allow users to convert reward points — including gift cards, vouchers, expiring points, miles, coupons and in-game assets — to BITE, DragonBite’s native token which will then allow users to buy cryptocurrencies or swap points between different loyalty programs.
“Crypto exchanges are often confusing for non-native crypto people due to the specific vocabulary and lack of trading knowledge. Having access to the cryptocurrencies at real time prices listed on BitMart from DragonBite without requiring users to create a new login will certainly motivate users of the DragonBite platform to explore what BitMart has to offer. We think this would allow more people to experience cryptocurrencies comfortably without getting confused by a change of UX and habits,’’ says Elvan Yau, COO of DragonBite.
DragonBite is not the only DeFi project to target loyalty program customers. BAKKT and Bridge2Solutions also provides a wallet for people to exchange their reward points, however, and according to their whitepaper, DragonBite has already secured partnerships with 20 major loyalty programs including (but not limited to) Starbucks, JD.com, Burger King, Maxim’s cake, Champion and Vanguard. This represents 50,000 merchants worldwide and a user base of 1 million subscribers which the project can access via its partnership with Asia Top Loyalty.
While this will take some time before BitMart gets fully integrated to DragomBite, the Dapp will also benefit from brand visibility on BitMart’s website with marketing campaigns and contests organised once BITE gets listed on the platform in Q3 2021.
BitMart has recorded 5 million users on its trading platform with a daily trading volume estimated at 4 billion.
“We are looking for a long term and win-win relationship with BitMart where both parties will benefit. While the DragonBite dapp is more appealing to loyalty program customers, we also believe traders could take advantage of BITE, the native token — which has a supply cap- and trade it on the BitMart exchange to earn rewards for providing liquidity’’ adds Mickael Costache, CEO of DragonBite.
The first DragonBite’s campaign on BitMart’s platform is expected to start in June 2021.
DragonBite is a truly open decentralised Asset Management platform for customers to store and swap all kinds of digital assets in One App with One password. The salient purpose of DragonBite however, is to couple an integrated application and suite of services with a tokenized loyalty rewards system. The combination of these two services is what has resulted in the vision of DragonBite which is “to disrupt the loyalty market with innovative business models and technology”.