UpToken, found online at UpToken.org, aims to put a crypto ATM on every corner, worldwide. Find out how it works today in our review.
What Is UpToken?
UpToken aims to create the world’s largest network of cryptocurrency ATMs. The project is led by Coinme, which was the first licensed bitcoin ATM company in the United States.
With the UpToken project, Coinme will reward customers with UpTokens when they use Coinme ATMs. Customers might get a 1% digital cashback reward, for example, in the form of UpTokens.
UpToken raised approximately $19 million during its ICO, selling UP tokens at a price of $0.20 apiece. The ICO took place from October 16 to December 15, 2017.
How UpToken Cryptocurrency ATM Coin Rewards Works
UpToken is essentially a loyalty program that rewards customers for using Coinme ATMs. That loyalty program will give users cashback and other incentives in exchange for using Coinme ATMs.
UpToken, which is listed under the symbol UP, will offer the following benefits to token holders:
- 30% discount on ATM transaction fees when transaction fees are paid using UpTokens
- Customer rewards program that returns 1% of an individual’s total ATM transaction amount back to them in the form of UpToken – similar to cashback programs and other similar incentive programs
- Customer voting protocol, allowing the community to have a voice on new features being added to Coinme ATMs
Coinme raised $19 million through its UpToken ICO. However, they also kept 20% of the total supply of UpTokens for themselves in a special fund called the Coinme UpToken Vault. Coinme will not sell any tokens from that fund until the company has deployed at least 500 crypto ATMs. The remaining 80% of tokens were distributed during the ICO.
If you missed purchasing UpTokens during the ICO, then there are two ways you can get tokens. You can receive tokens as a reward in exchange for using Coinme ATMs. Or, you can purchase UpTokens directly from an ATM. You can also sell UpTokens to Coinme ATMs at the market rate – so you don’t have to spend them on transaction fees.
The UpToken (UP) is an ERC20 token on the Ethereum blockchain.
UpToken Features And Benefits
UpToken comes with the following features and benefits:
Discounted ATM Transaction Fees:
Customers will receive a 30% discount on fees when they choose to pay fees using their UpTokens. If you purchase $1,000 in BTC from a Coinme ATM with a transaction fee of 5%, for example, then the customer can choose to pay the fee from their Coinme UpToken wallet, reducing the transaction fee to 3.5%. This can save customers hundreds or even thousands of dollars during ordinary bitcoin ATM transactions.
UpToken Customer Rewards Program:
Every time a customer uses a Coinme crypto ATM, Coinme will automatically deposit UpToken into the customer’s Coinme wallet equal to 1% of their ATM transaction amount – even if the customer isn’t using their UpToken wallet to pay their transaction fee. You can use your rewarded UpTokens to pay for transaction fees in the future. Coinme may also reward customers with UpToken for other activities in the future – although they haven’t announced any further details.
Coinme plans to add new cryptocurrencies to its ATM network over time. Auctions will be held to “vote” on these cryptocurrencies and interested parties can use UpTokens to vote on which cryptocurrencies are added to the network.
Who’s Behind UpToken?
UpToken was launched by Coinme, a venture-backed blockchain technology company founded in Seattle in early 2014. The company became the first licensed bitcoin ATM operator in the United States. Today, they maintain approximately 40 cryptocurrency ATMs across the country – mostly in the western United States. Coinme is also a licensed financial services provider.
Coinme was co-founded by Neil Bergquist (Co-Founder and CEO) and Michael Smyers (Co-Founder, Engineering). Other listed members of the team include Steven Olson (Chief Financial Officer), J.R. Willett (Senior Blockchain Engineer), and Brock Reed (Vice President of Marketing).
UpToken UP Token ICO Details
UpToken is a loyalty program created by a major American crypto ATM provider named Coinme. The ICO for UpTokens was held in fall 2017. Today, Coinme continues to roll out ATMs. Although the company currently only has 40 ATMs, they plan to eventually roll out the world’s largest network of ATMs.
You can spend UpTokens on transaction fees at Coinme ATMs, getting a 30% discount on the cost of your transaction. You can also receive 1% cashback rewards for every purchase you make at a Coinme ATM.
To learn more about the UpToken project and how it works, visit online today at UpToken.org.