Seattle cryptocurrency startup StormX raised $9 million from Optimista Capital to fuel growth of its platform that lets users earn cryptocurrency rewards when they shop at retailers such as Nike, Samsung, eBay and Microsoft. It comes on the heels of a separate $6 million round in April, and a NBA jersey sponsorship deal with the Portland Trail Blazers announced earlier this month. The fresh cash will help StormX launch a debit card later this year and offer more rewards to cardholders.
The StormX app has more than 3 million downloads and has paid out more than $4 million in rewards to date. The company makes money off transaction fees when their users make purchases from their partner brands. It’s one of many crypto and blockchain-related startups attracting attention from investors.
Total funding to date for the 23-person company is $47.7 million.
Previously: How this Seattle entrepreneur went from running a food truck to leading a fast-growing crypto startup