SocialGood Cashback Live After $30 Million Raised
The Social Good Foundation announced important information that will contribute to the development of their long-awaited project.
For those of you that don’t already know, the foundation had launched an ambitious project that aims to revolutionize the commerce sector. By working with several big companies from the industry, like Amazon and Apple, the company wants to create a system, based on blockchain technology and Artificial Intelligence, which will reward users each time they purchase a product.
$30 million raised from investors
As you may find from their website, Social Good managed to raise $30 million from institutional investors (the company had already filed with the SEC and the money had been raised from accredited investors). At the present time, the total sales of alliance companies from the Social Good Ecosystem exceed $2 billion and there is a number of more than 40,000 SocialGood holders.
Given that the company managed to raise a substantial amount and there are several commerce companies taking part in the ecosystem, Social Good had launched the Cashback program at the beginning of March 2019, with $10 million of the funds directed for that purpose.
What is the Cashback program?
With the program developed by the Social Good Foundation with locations worldwide, the SocialGood cryptocurrency (SG) will be used as a tool to reward users with cash back each time they buy one or more products from the commercial firms that joined the program.
Being a token compliant with the Ethereum ERC-20 standard says a lot about the potential of the SG token, and the structure of the system promises to support a long-term rising value of the cryptocurrency. Same as Bitcoin, there will be a limited amount of SG tokens which are able to be created (210 million according to the white paper) and the company will also intend to conduct a buyback-type program (like the ones we see in the stock market) with the same intent of fostering a long-term growth of cryptocurrency value.
All of these factors are combined in the SocialGood Cashback program which is intended to democratize the capitalistic world that we live in, by letting people receive back up to 20% of the money they’ve spent while shopping via SG tokens.
Although there had been other cashback programs in the past, the Social Good Foundation decided to use a cryptocurrency in order to reduce banking fees and overseas remittance fees, and also to reduce operational costs.
Several exchange listings are scheduled to take place during 2019. The first exchange to allow transactions with SG tokens will be LATOKEN, a platform with a monthly trading volume exceeding $5 billion. The foundation will also release its own proprietary mobile app, in order to simplify the process of receiving the cash back even further.
The most important parts of the projects are scheduled to take place during 2019, which is why it is important that as many people as possible get involved, so they will be eligible for the cashback program.