ShopBack based on cryptocurrency? Rewards Bunny, situated in Singapore, allows customers to earn cashback in USD or cryptocurrency.
Jacky Goh launched a crypto community on Telegram early last year to discuss and analyze crypto ventures. He met Ivaylo Yovkov, who became his business partner, virtually through that forum.
In mid-August 2021, they invested “near to six figures” — with help from relatives and friends — to launch the cashback portal Rewards Bunny.
“Earning and spending crypto is difficult for both Ivaylo and myself since we have to jump through a few hoops, and it is not a simple procedure,” said Jacky, 32, co-founder and CEO of Rewards Bunny.
“As a result, we anticipate that customers will be able to earn and increase their rewards by participating in a crypto cashback program and receive cashback in a variety of ways.” We intend to make the procedure simple while also rewarding people for shopping online.”
Despite the fact that this is their first business venture together, neither of them is a novice in the business world.
Jacky is the co-founder and former CTO of DinoMao, a game development firm that operates a real-time claw machine game that allows users to ‘grab’ toys with their mobile phones.
He’s also the co-founder and former CTO of WhaleSave, a digital company that gives players cashback for in-app purchases.
He’s also the co-founder of GOshot, a local energy drink that claims to increase mental acuity for up to six hours.
Meanwhile, Ivaylo is the co-founder of two profitable e-commerce projects that have been sold for over S$200,000. He’s also a former web design lecturer and mentors with a focus on user interface and user experience design.
Because they were chosen to participate in the 500 Global Launch San Francisco program, they will meet for the first time in person in April in San Francisco.
The sixteen-week program, which is run in collaboration with Enterprise Singapore, assists local companies in exploring market expansion opportunities using the United States as a springboard.
A ‘crypto-based ShopBack’
To put it another way, Rewards Bunny can be thought of as a “crypto-based ShopBack.”
“Rewards Bunny assists merchants by providing a portion of the commission to our users in the form of cashback. “As a cashback platform, we not only offer multiple crypto cashback alternatives, but we also provide USD cashback options,” Jacky explained, adding that they are looking into integrating other currencies in the near future.
“Users can browse and shop across all of our participating brands with a Rewards Bunny account, cart out their favorite things, and collect cashback of their choice.”
We also provide a number of browser extension alternatives that encourage consumers to activate their cashback whenever they (search) for an item from one of their partner brands. They may quickly shop and get rewards with just one click.”
Rewards Bunny receives a commission on every sale that ranges from 0.5 percent to 50 percent. “We’d say (the commission we get) is around three to five percent on average,” Jacky added.
Rewards Bunny now has over 50,000 registered users and over 1,000 sponsors onboarded on its platform. According to these figures, Jacky believes they will break even by the end of the year.
He noted that with the community’s strong support, they try their hardest to acquire the brands that the community utilizes and strive to develop based on their comments.
Rewards Bunny has also formed relationships with companies such as Binance Pay and Ramp.
“We teamed up with Binance Pay to make crypto withdrawals easier. Users can withdraw their rewards without incurring any fees, as opposed to withdrawing directly to their mobile wallet, which incurs network fees,” Jacky explained.
“Through our relationship with Ramp, customers can buy crypto instantaneously on our website, which helps to fast onboard non-crypto users who want to register for our Rewards Bunny membership (which is) launching soon.”
Some are not educated about the concept of cashback or crypto
Trusting someone you met online, especially when it’s a commercial relationship, is difficult, according to Jacky. However, through their interactions in the community, Jacky has come to believe that Ivaylo is a selfless individual who is always willing to serve others.
It’s an added plus that they get along during online encounters and share common interests despite their geographical apart.
“We each took responsibility for figuring out how to make things work together, based on our individual experience and understanding.” It’s incredible how much we accomplish as a group and individually. It’s incredible how much we’ve learned from each other. That’s pretty much how we came to an official agreement,” he explained.
Education is still one of their top hurdles when it comes to expanding their business.
“Despite the fact that the cashback platform has been there for a long time, many people still don’t understand how to collect cashback on their online purchases. As a result, we make it easy to earn cashback and educate the public about how it works and how to collect rewards in crypto or USD,” added Jacky.
According to Jacky, they have an active community that helps crypto newbies learn more about the world of crypto and Rewards Bunny, as well as sharing tips and information on how to avoid being scammed.
In addition to using this network, Rewards Bunny plans to publish educational articles on crypto topics. This also aids in the coordination of their marketing activities, since they realized that their marketing campaigns and promotional materials must be understandable to non-crypto users as well.
He lamented, “Selling a crypto business is significantly different from marketing a typical firm.”
While most businesses perceive Covid-19 as a challenge, the pandemic actually presented Rewards Bunny with economic opportunities.
“To be safe and escape the epidemic, people opted to stay at home.” We’ve also seen an increase in online purchasing, as we arrived just in time to offer consumers an innovative option to save and/or invest with the cash back incentives they’re currently earning on the products they’re already buying.
The next important change is that consumers will be able to earn cash back in addition to their credit card advantages.”
By the end of the year, they plan to launch a crypto card
When it comes to Singapore’s cashback scene, Jacky believes there is “little to no innovation in the traditional payback model.”
Users, on the other hand, are seeking innovative methods to be rewarded while shopping online. According to him, Shopee’s popularity has soared due to its “gamified buying experience.”
“We see gamification as a means to improve the cashback experience by giving consumers a whole new way to earn cashback, double benefits, and have fun at the same time.”
Users can now earn cash back on the move thanks to Rewards Bunny’s new mobile app, which is accessible on both the Apple App Store and the Google Play Store.
It will also introduce a membership program in its cashback platform in its next growth phase.
“Users can get exclusive benefits including a greater cashback bonus, faster confirmation time, and early conversion of pending cashback to pending crypto, as well as a debit card program,” Jacky stated.
The Rewards Bunny crypto card, in particular, will be available before the end of the year. Users will be able to spend their cryptocurrency with ease while also earning cashback on their online transactions.
He went on to say that they are also exploring the metaverse and are in talks with a business to help them move forward with their ambitions. They’ve also bought land in the metaverse, and they’re expecting a lot of things to happen in the next months.
“We will be able to create our metaverse shopping mall, where users will be able to browse and shop for products throughout the metaverse.” We’re still figuring out what’s possible, and we’ll offer more details as we progress through development.”