Long Game Incentivizes Saving with Cryptocurrency Rewards

Home » FinTech » Cryptocurrencies » Long Game Incentivizes Saving with Cryptocurrency Rewards

Long Game Incentivizes Saving with Cryptocurrency Rewards

One of the many trends that have taken over the personal finance world in recent years has been the idea of gamification. For example, some finance gurus have extended various money challenges to their followers to help them achieve worthwhile financial goals in a less intimidating way. Then there’s the iOS and Android app Long Game, which takes this gamification concept quite literally. Now the application is incentivizing its users even more with the introduction of Crypto Rewards.

Long Game allows users to connect their traditional bank account to automatically set money aside in an FDIC-insured, interest-earning savings account. As these savings transfers are made, players earn coins that can then be used to play mini-games for the chance to earn prizes. With the introduction of Crypto Rewards, Long Game will also give users the opportunity to earn ETH, BAT, and 0x at no cost to them.

In a statement unveiling the new offering, Long Game CEO and Founder Lindsay Holden said, “We believe that blockchain will fundamentally change finance and business as we know it even though investing in cryptoassets is still risky. It’s important for Long Game customers to learn about this exciting new frontier.” She added, “Crypto Rewards will serve to educate our customers and introduce them to crypto markets while protecting them from the risk that comes with investing.” Speaking to Cheddar, Holden elaborated on the idea of Crypto Rewards, noting that users are not investing their own money to purchase the cryptocurrencies available through the app and that they are only being gifted with these tokens.

On their FAQ page, Long Game also offers more information about the three types of crypto tokens currently being offered as part of their Crypto Rewards offering. There they also note that users must claim their crypto by transferring tokens to an external wallet. As they write, “When you are awarded crypto in Long Game you earn the right to claim that asset any time within one year of the award.”

Beyond the Crypto Rewards program itself, Long Game is also introducing a new mini-game to their app called Crypto Spin. Using their game tokens (not crypto tokens), users can play to win Ethereum as well as Bitcoin. This game joins a large line-up of games of chance in the app that users can play for a chance to win cash prizes without risking any of their own savings.

Based on its presentation, Long Game’s introduction of cryptocurrencies does seem to serve its stated intent: giving users the opportunity to participate in this exciting market without risking that which they can’t afford to lose. It’s also interesting to note that Long Game’s utilization of an external wallet stands in contrast to other apps like Robinhood that have integrated crypto (although they say it’s something they’re working on), further giving users an education on what cryptocurrencies are all about. Although Long Game’s offering in and of itself might not change the future of cryptocurrencies, it does highlight the continued shift toward exploring the possibilities of these technologies by looking past the well-covered downsides. In other words, it’s just another small step in what’s sure to be a long journey.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Square Launches Square Banking Suite for Small Business Owners

Over the past few years, Square has expanded from being a small business point of sale solution to offering a variety of financial services to consumers and business owners alike. Now, the company is furthering those efforts by once again focusing on the needs of small business owners. Following the...

FinTech Funding Reaches Record High in Q2 2021

FinTech is on fire! As the latest "State of FinTech" release from CBInsights notes, last quarter marked a boom for financial technology startup funding. In fact, Q2 set a new record for investment deals in the sector. According to the report, FinTech companies raised a total of $30.8 billion from...

LendingTree Highlights Best and Worst Metros for First-Time Homebuyers

Current first-time homebuyers seeking an affordable abode may find their search to be a bit perilous these days. Due to an overall lack of inventory, prices for homes that are for sale have reached record highs. Nevertheless, the site LendingTree has just released its rankings of the best and worst...