Crypto market data aggregator CoinGecko has launched a new reward system for its users.
Called Candy, the system provides loyalty points to users who log in to CoinGecko’s website daily. “You can think of Candy as similar to Reddit karma points, where we reward users for usage," CoinGecko co-founder and COO Bobby Ong told The Block.
"The candies are currently a centralized loyalty points system though it is not hard to imagine them as ERC-20 tokens to make them transferable in the future similar to how Reddit is making their points system decentralized," Ong added.
CoinGecko candies are not transferable, and they are not a cryptocurrency or token yet, said the firm. Currently, the only use case for these candies is to redeem certain reward items available on CoinGecko’s website.
These items include CoinGecko Store vouchers, CoinGecko’s How to DeFi book, discount vouchers from crypto hardware wallet Cobo and some non-fungible tokens or NFTs.
CoinGecko currently has around 400,000 registered users, Ong told The Block, adding that all these users will be eligible to receive candies.
CoinGecko is based in Singapore and was launched in early 2014. Its rivals include Binance-acquired CoinMarketCap, CryptoCompare, and others.