Bamboo rewards new and existing app users with the launch of BAM tokens

Bamboo rewards new and existing app users with the launch of BAM tokens

Cryptocurrency investment app Bamboo is offering even greater incentives for investors who are keen to build their digital assets portfolio, with bonus BAM tokens up for grabs when users complete simple tasks within the app.

Bamboo’s CEO Blake Cassidy says new and existing users will be rewarded BAM tokens of varying value for a range of activities.

“It could be as simple as having the recurring payment function turned on, making additional top-ups, or referring friends – all of these things will attract BAM tokens, which people can accumulate or sell down for cash as they desire.”

He says the rewards program is designed to encourage its users to make sustainable investing decisions, like utilising the dollar cost averaging strategy – which makes several small regular investments rather than one lump sum – reducing the overall risk.

“Dollar cost averaging is statistically the safest way to enter and exit a market and if a customer is engaging in those really good behaviours, then the BAM token provides a mechanism for rewarding them,” he said.

More than 50,000 Australians regularly have downloaded the Bamboo app to invest in cryptocurrencies. It employs measures including rounding up the amount of a day-to-day expense to the nearest dollar and funnelling those extra funds into an account, which is used to purchase Bitcoin and other products.

Cassidy says like Bitcoin, there is a limited supply of BAM tokens, which makes the reward program all the more valuable and appealing to customers.

“There are only 75 million BAM tokens, and the supply will actually decrease over time, when the ‘burning’ of tokens is employed making it deflationary. In essence, as demand increases the supply will also decrease, similar to Ethereum.

One of Bamboo’s top goals is to help remove the barriers to entry for people interested in cryptocurrency and digital assets and provide a space where they can explore and make purchases safely and profitably.

Cassidy says the BAM token initiative adds an innovative element to the company’s offering.

“I just think it brings a little bit of gamification to the app, where people can set themselves up to earn extra rewards – it just introduces a bit of fun,” he said.