VIDEO - Simon Cheng: iBank’s Road to Blockchain-based Rewards

Simon Cheng, managing director of iBank Digital Asset, spoke with the Investing News Network (INN) about creating utility in the blockchain-based rewards market. 

He explained that virtual currencies are aiming to provide real utility, and iBank Digital’s iCash platform is a place where users can leverage crypto through online purchases.

“Customers of iCash can go online to make purchases through Alibaba (NYSE:BABA) and vendors like TurboTax (NASDAQ:INTU), Kaspersky and TeamViewer, and they will receive iCash rewards in return,” Cheng told INN at the Extraordinary Future Conference in Vancouver, British Columbia.

“It took us two years to set up the infrastructure, and now we’re connected,” he said.

The trouble for companies in the blockchain arena is creating utility with their tokens. “The misconception is that the producers of ERC 20 — or the utility tokens — don’t actually have a utility for the program,” Cheng explained.

Earned rewards on the iCash platform can also be used to purchase ethereum, along with Amazon (NASDAQ:AMZN) and Walmart (NYSE:WMT) gift cards.

Cheng noted that, as even as iBank has broadened its network of merchants, it has continued to focus on North American markets.

“We try to tell people, you can earn this reward and there is an actual conversion. You can convert to ethereum, and also there is a real utility where you make a purchase with our partners and actually get the rewards for it,” Cheng said.

As iBank expands, it too has developed partnerships with lending networks on its platform. “It can collateralize their cryptocurrency and lend money against it through our ecosystem,” he said.

Watch the video above for more on what Cheng had to say, and stay tuned for more of INN’s video coverage from Extraordinary Future. Our full playlist for the event can be found on YouTube.

Don’t forget to follow us @INN_Technology for real-time news updates!

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.