Bithumb Launches OK Cashbag Bitcoin Double Rewards Service

Bithumb said on Oct. 15 that it has officially launched the OK Cashbag Bitcoin Double Rewards service in partnership with integrated mileage platform OK Cashbag, linking everyday spending with Bitcoin rewards.

The service became available on Oct. 14. Users who consent to the partnership can automatically accumulate Bitcoin when they earn points at cashback affiliate merchants and through the app. That allows users to build Bitcoin holdings through their usual payment activity without placing separate buy orders or making additional deposits.

The partnership offers different benefits depending on the user type. Existing Bithumb members receive Bitcoin worth about $0.04 for every 50 OK Cashbag points earned. The cap is about $0.07 a day and about $2.20 a month.

First-time Bithumb users receive rewards at 100 times the standard rate. When they earn 50 points, they receive Bitcoin at 100 times that amount. The cap is also raised to about $7.30 a day and about $36.60 a month. Users who complete at least one trade on Bithumb after consenting to the partnership also receive an additional 20,000 OK Cashbag points.

A Bithumb official said the company aims to offer an experience in which virtual assets accumulate naturally through everyday activities such as grocery shopping, refueling and going to the movies. Bithumb plans to keep expanding the assets available for rewards and the number of partner merchants to broaden its presence in the everyday rewards market.