Crypto exchanger ShapeShift announced today the introduction of ShapeShift Membership, an advanced loyalty program, which over time will lead both to better pricing and superior user experience.
As of now, membership is optional, but ShapeShift CEO Erik Vorhees said it will soon become mandatory and require basic personal information to be collected.
ShapeShift members will receive special benefits and be made available on the website and through the ShapeShift API. Membership benefits in various forms will accrue across all products and services of ShapeShift.
Details of Membership:
- Discount on exchange rates (Level 2+)
- Volume-based rewards in FOX (ShapeShift ERC20 token)
- Higher transaction limits
There are five levels of Membership (Level 1-5).
- Level 1 is available now and is free and open to everyone.
- Levels 2-5 will be available later and enable benefits on higher amounts of volume. Possession of specific amounts of FOX tokens (rather than spending or “burning”) grants access to these higher levels of Membership.
- FOX tokens are standard Ethereum-based token. There are 1,000,001,337 FOX tokens in existence (and never more).
FOX tokens will represent only the means to acquire a ShapeShift Membership and the related membership benefits. Their value can be found in the benefits of the varying membership levels. Signup is open now, with the first 100,000 members to receive 100 FOX tokens upon their release.
“We would prefer if the collection of personal information was not a mandatory element. We still firmly believe that individuals, regardless of their race, religion, or nationality, deserve the right to financial privacy, just as they deserve the right to privacy in their thoughts, in their relationships, and in their communications. Such privacy is a foundational element of a civil and just society and should be defended by all good people. We remain committed to that cause and it is best served if we are smart about our approach. We’re immensely excited about this launch as a new set of features and benefits for our customers, and a demonstration of how loyalty programs like this can work in the interests of all stakeholders. Membership will be a significant upgrade in the user experience for many people. While the account-based format is new, we remain committed to consumer protection via our non-custodial model – we do not and will not hold customer deposits.”
