Canadian fintech innovators team up to bring crypto rewards to North America
TORONTO, Dec. 03, 2021 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”), a world leader in digital asset management, is excited to announce its collaboration with Drop Technologies Inc. (“Drop”), a popular rewards platform with over 5 million users in the United States and Canada.
Starting today, Drop Premium users can use their points to get exposure to Bitcoin and Ether in a straightforward and easy way. By linking the value of their points to cryptocurrency, users will be able to get exposure to Bitcoin and Ether through the industry-leading Purpose Bitcoin ETF and Purpose Ether ETF.
“Through our ETFs, we were able to provide an easy and convenient way for people to own cryptocurrency without the hassle of a digital wallet. Now by working with Drop, we’re excited to enable further democratization of crypto by providing a new way for people to gain exposure to the crypto market through their points on a leading rewards platform,” said Som Seif, Founder and CEO of Purpose.
With crypto rewards, your amount of Drop points will be tied to the price of Bitcoin or Ether, meaning that if you link your Drop points to Bitcoin and the price of Bitcoin increases, so will your number of points. This innovation allows users to participate in the crypto market and earn points that they can redeem at many major retailers around the world, such as Amazon, Netflix, and Starbucks, without having to directly buy or own crypto.
“We know our users are fascinated with the world of cryptocurrency, yet at the same time are looking to educate themselves before taking the plunge,” said Derrick Fung, CEO of Drop. “We want to empower users with the opportunity to take their first step by giving them the option to convert points into Bitcoin and Ether; from one digital currency, to another, and back again. It’s dynamic opportunities like these that make us feel good about our decision to choose points versus cash-back as Drop’s rewards currency of choice.”
Deciding to add Bitcoin or Ether to your Drop account by way of reward points means you get the opportunity to reap the benefits of learning more about the world of crypto without having to use your own money to do so, a win-win for those new or more risk-averse to the concept.
“This is truly an exciting milestone for the global finance industry. The fact that two Canadian companies were able to come together to deliver this one-of-a-kind program goes to show the leading innovation coming out of the Canadian fintech sector,” concludes Seif.
About Purpose Investments
Purpose Investments is an asset management company with more than $14 billion in assets under management. Purpose has an unrelenting focus on client-centric innovation, offering a range of managed and quantitative investment products. Purpose is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent, technology-driven financial services platform which is reshaping the industry by connecting and creating opportunities across asset management, wealth management and small business financial services. Learn more at www.purposeinvest.com.
Drop is a free rewards program bringing value to its members by empowering their everyday shopping. Drop enables members to earn rewards by simply linking their debit and credit cards, and continuing along their shopping journey through the app. The app eliminates the hurdles of scanning receipts, entering promo codes or signing up for loyalty programs while ensuring members receive their rewards. Unlike an outdated coupon book, Drop uses intelligent programming to ensure users are being offered a highly personalized rewards experience based on what they like, and where they already shop. Founded in 2015, Drop has over 5 million users and is partnered with over 400 brands. Featuring consumer favorites Nike, Uber and Starbucks to name a few. Drop offers partnered brands unique insights into consumers they haven’t had access to before. Reward yourself, shop with Drop. Follow us on Instagram @JoinDrop. For more information visit: www.joindrop.com.
About Derrick Fung
Derrick Fung, CEO and Co-founder of Drop, began his career in Finance in Sales & Trading in Toronto and New York at various investment banks including Merrill Lynch, BNP Paribas and CIBC Capital Markets. Named in 2014 to the Forbes 30 Under 30 list in Music alongside Avicii, Lady Gaga, and Drake, Derrick is best known as the Founder and CEO of Tunezy, a music company based in New York City which was acquired in 2013 by SFX Entertainment. Having raised over $70 million from investors such as NEA, ff Venture Capital, Sierra Ventures, CRCM Ventures, Rothenberg Ventures, Hedgewood, White Star Capital, HIGHLINEvc, and RBC Capital, Derrick has grown Drop, an intelligent mobile rewards platform for debit and credit cards, to reach the top 3 in the app store in both Canada and the US with over 5 million active members across North America.