Bill Shihara, Founder and CEO of Crypto Exchange Bittrex, joins the board of directors of blockchain startup StormX, based in Seattle.
According to a StormX announcement Shihara’s appointment to the board comes after the CEO has invested “an undisclosed amount” into the company’s final capital round.. However, Shihara was already an investment angel for the startup. – originally founded in 2015 as Bitmaker – and supposedly acts as one of his ICO consultants.
Simon Yu, CEO of StormX, cited Shihara’s experience with Bittrex as a reason to be optimistic. Yu said that Bittrex CEO’s “Strategic Tips and Connections” could drive the blockchain company’s growth in the coming years.
StormX’s StormShop service offers users rewards for cryptocurrency when they shop in over 500 partner stores. including eBay, Microsoft, Walmart, Target, Samsung and GameStop. After purchase, users have the option to access cryptocurrencies in the form of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) or Dai (DAI).
According to StormX those who choose to make purchases using the STMX platform’s native token -that they can earn when working on the StormX micro-task platform- they get “additional benefits”, including “up to 87.5%” cashback on cryptocurrencies.
According to the company, nearly 200,000 people have signed up since March when StormX launched new services for iOS and Android users. STMX has a market cap of $ 13.2 million and a price of $ 0.0019, a decrease of almost 50% since mid-June.
Bittrex faces legal challenges
Bittrex is currently one of the defendants in a class action lawsuit that was originally filed against Tether and Bitfinex in October 2019.. The southern district of New York claims that the crypto exchange – along with Poloniex – had a plan to increase Tether’s supply (USDT) to increase cryptocurrency prices in 2017.
The plaintiffs They accuse Bittrex of facilitating the coordination of large orders across multiple exchanges in order to create the illusion of a new flood of liquidity in the markets.
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