Bittrex CEO Joins StormX Board After Undisclosed Investment

Invoice Shihara, founder and CEO of Bittrex crypto change, is becoming a member of the Board of Administrators for Seattle-based blockchain startup StormX.

Based on an announcement from StormX, the addition of Shihara to the board comes after the CEO invested “an undisclosed sum” within the firm’s newest fairness spherical. Nonetheless, Shihara was already an angel investor for the startup — initially based in 2015 as Bitmaker — and reportedly acted as considered one of its ICO advisors.

StormX CEO Simon Yu cited Shihara’s expertise with Bittrex as one motive to be optimistic. Yu stated the Bittrex CEO’s “strategic recommendation and connections” might assist gasoline development on the blockchain firm within the years forward.

Crypto cashback rewards

StormX’s StormShop service offers customers crypto rewards once they purchase from over 500 accomplice shops, together with eBay, Microsoft, Walmart, Goal, Samsung, and GameStop. After making a purchase order, customers have the choice of getting cryptocurrency again within the type of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) or Dai (DAI).

Based on StormX, those that select to make purchases with the platform’s native token STMX — which they’ll earn by doing jobs by way of StormX’s microtasks platform — get “further perks” together with “as much as 87.5%” crypto cashback.

The corporate stated that almost 200,000 individuals have signed up since March, when StormX began offering new services for iOS and Android customers. STMX has a market capitalization of $13.2 million and is priced at $0.0019, an almost 50% drop since mid-June. 

Bittrex going through authorized challenges

Bittrex is at present named as one of the defendants in a class-action lawsuit initially filed towards Tether and Bitfinex in October 2019. The Southern District of New York alleges that the crypto change — together with Poloniex — was in on a plan to inflate the availability of Tether (USDT) to drive up crypto costs in 2017. 

The Plaintiffs accuse Bittrex of facilitating the coordination of huge purchase orders throughout a number of exchanges to create the phantasm of recent liquidity flooding into the markets.