Online Blockchain Launches Hub to Claim Free Cryptocurrencies

On Wednesday (May 8), Online Blockchain (LSE:OBC) announced the launch of a beta version of FreeFaucet, a cryptocurrency hub that allows users to claim crypto assets for free.

Visitors can claim free cryptocurrencies up to three times per day through faucets that “drip” cryptocurrencies. Subscribers to the site are able to claim cryptocurrencies up to 20 times daily.

“A faucet is a money tap, a crypto tap. It is a way of distributing, it puts it in your wallet. It’s similar to an ATM,” Clem Chambers, CEO of Online Blockchain, told the Investing News Network.

Crypto assets from heavyweights Bitcoin and Ethereum can be distributed, as well as lesser-known up and coming cryptocurrencies. FreeFaucet is growing at a fast clip, with membership rates doubling every few days, Chambers said.

Essentially, the business model is based on advertising revenue. How FreeFaucet is unique is that it is giving the revenue from its advertisers back to consumers.

“It pays you to come to our site. You could say it’s an advertisement support faucet,” Chambers said. “The idea is a faucet is free money, and the idea we have is to turn that around (to give money back to the consumers).”

In addition, FreeFaucet provides services from Bitferno, a crypto company that invests in emerging coins. Bitferno provides exposure to these coins when perhaps there was a greater barrier to entry before.

“We are effectively deskilling the difficult process of getting a new coin. We are trying to make a hub for crypto,” Chambers explained. “For me, it reverses the thermodynamics of money.”

Another feature that is offered by FreeFaucet is Geofaucet, a location-based faucet. Geofaucets are represented by a quick response barcode (QR code); users take a photo of the crypto QR code, which then provides a browser link. After a user follows the browser link, FreeFaucet will then deposit the crypto into their account.

Essentially, a crypto coin could link to a GeoFaucet and corresponding QR code. These tangible, physical faucets create a location-specific mutual reward system for both the coin distributer and the user.

“Anyone can start a GeoFaucet that will self-fund and attract people to that location,” said Chambers.

Faucets allow users to collect cryptocurrencies by visiting faucet sites. Each site is governed by a different policy, allowing users to earn free crypto assets at different rates. In addition, many sites reward users if they refer others, providing a commission on the new referral’s earnings.

There exist a number of faucets that allow users to claim free Bitcoin, including Cointiply, Moon Bitcoin and BonusBitcoin. These let users accumulate crypto value by registering for faucets through their services.

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Securities Disclosure: I, Dorothy Neufeld, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.