The SocialGood App, which gives users cryptocurrency rewards for shopping, has raised $14.2 million in Series A funding from a venture capital firm. Miyako Capital has invested $14.2 million in Social Good Foundation Inc. and this is the largest equity finance investment ever to be raised by a crypto issuer headquartered in Japan*, and the very first funding for the Social Good Foundation Inc.
THE FUTURE OF THE SOCIALGOOD ECOSYSTEM™
The SocialGood App’s user base is growing exponentially, increasing more than five times in three months to exceed 1.85 million users from over 200 different countries and regions worldwide. This exponential growth is due to the network effect at work, as the history of Bitcoin has shown. There are over 1,800 shopping sites partnered with the SocialGood App, and their revenue increases as users make purchases through the SocialGood App. Social Good Foundation Inc. is paid by these major online stores to advertise and promote their websites.
A recent study by KPMG global highlighted that 55% of all mobile users worldwide want to earn cashback or rewards when shopping online. With cryptocurrency having a daily transaction volume of over $100 billion (as of Feb. 2022), the SocialGood App meets both of these demands as a Crypto Back rewards app. The number of users is rapidly increasing, and will continue to do so, as the word spreads on social media. Users who understand token ecosystems have a high incentive to increase the number of SG users in order to raise the value of their own SG tokens – This is why the increase of SocialGood App users is going viral.
The SocialGood App (available on iOS and Android) is partnered with more than 1,800 major online stores. When users shop at partner sites through the app, they earn back up to 100% in SocialGood (SG) crypto.**
Social Good Foundation Inc. plans to make it possible for users to pay with SG for purchases at partnered stores in the future. Social Good Foundation Inc. will also continue to increase partnerships with more online stores from all over the world to make the SocialGood App even more useful.
THE BENEFIT OF HOLDING SG LONG-TERM
As we all know from Bitcoin, a cryptocurrency’s value is proportional to the number of its users. Like BTC, SG has a limited supply, so the team at SocialGood believe that the SG value will rise as users increase.
- As SocialGood App users increase, the number of SG token holders increases.
- As the value of SG rises, more and more people will download the SocialGood App to earn SG for free.
- That is why you should hodl your SG long-term, looking forward to this positive cycle while earning up to 15% APY on the SG you hold. Over 90% of SocialGood App users keep their SG in the SocialGood App long-term for staking.
- The SocialGood team plans to make SG usable as a payment method at stores partnered with the SocialGood App.
- The SocialGood team also plan on making SG tradable on various crypto exchanges worldwide.
*In this article, the total is calculated as $14.2 million USD at the rate of 100 JPY = 1 USD.
For more information on the SocialGood referral program, follow this link.
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