Crypto Market Data Aggregator CoinGecko Launches New Loyalty Rewards System

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Cryptocurrency market data aggregator and analytics firm CoinGecko has launched a new loyalty points program to reward its 400,000 users for their continued support of the platform.

Dubbed CoinGecko Candy, the new loyalty program is aimed at incentivizing more interaction with the platform for current users and hopefully create enough interest to bring more users on board. According to a Tuesday announcement explaining the new program, CoinGecko revealed that the loyalty points are not yet based on a blockchain although, it hinted at plans to take the system onto a blockchain at a later time.

So far, the company is treating the program as an experiment to see what works and how to scale as well as decentralize the system similar to how the recently launched Reddit community points system is proposed to work.

The ‘Candy’, according to the announcement can be collected by daily logins to the platform or daily usage of the CoinGecko mobile app available on both iOS and Android platforms. Once the rewards reach a certain threshold, the owner is then able to redeem them for some fun items.

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This includes CoinGecko Store vouchers, the CoinGecko ‘How to DeFi’ book, exclusive discounts to CoinGecko partner Cobo wallet service, and a host of non-fungible tokens such as a Limited Edition Blockchain Heroes NFT. Candy points are not transferrable at the moment which means that only account holders that interact with the website and mobile interface can accumulate and redeem them.

CoinGecko hopes to improve on the program including populating the rewards list for more fun items to do with the earned points.

“Candy in its current iteration is a centralized points system that we are experimenting with to see where we can bring this forward. Currently, the only use case for these candies is to redeem reward items but we are learning from this experience on what else we can do with them in the future. We look at candies as a journey towards decentralization in the long run,” the company noted in the announcement. “We are just getting started… The possibilities are endless.”

CoinGecko competes for service delivery against other industry players including Binance’s recently acquired subsidiary Coinmarketcap, CryptoCompare, and Coinpaprika. Coinmarketcap is currently the leading crypto data aggregating platform.