Aurix CEO Majed Mohsen has been involved in the world of trading and crypto for a long time. After his fantastic experience, he identified the single most significant factor why people are still supporting fiat currencies. One innovation he believed he must introduce to improve participation in the ecosystem is cashback.
The graph below clearly shows how in the year 2018, cashback usage surged in many countries.
Aurix CEO Majed Mohsen realized that cashback is a significant source of motivation for people to keep using cards and other services of a particular monetary institution. As a result, he was the first to design his crypto exchange to provide Decentralized Finance cashback to its users.
DeFi cashback in the Aurix ecosystem
The Aurix CEO planned out how the concept of cashback would work in the Aurix ecosystem. Aurix’s cashback system seeks to motivate users to shift their expenditure from other platforms to the Aurix platform. Any person who uses the Aurix system for payments will be eligible for cashback, and one can even receive up to 90% cashback.
The Aurix platform will provide users with cashback in AUR or the Aurix Token in the wallet itself. This token is secure and will continue to exist on the Aurix chain even if the entire organization ceases to exist. Hence, people will keep getting their cashback even if the worst were to happen.
Aurix won’t participate with any merchant or vendor, i.e., it won’t play favorites like the fiat currency cashback system. So, a user can shop at any vendor or merchant and expect the same cashback with zero hassle or complications. Staking more the AUR or Aurix Token means more the cashback and higher the discount on the transaction fee. Here, staking means holding or locking the tokens in your wallet.
Importance of Aurix’s DeFi cashback
The blockchain market will be worth around 23.3 billion USD by the end of 2023. Aurix ensures the possibility that this number goes up and primarily due to Aurix CEO Majed Mohsen with the revolutionary concept of cashback.
People will start using crypto and Aurix Mastercard/Visa. Using AUR will provide users with cashback, discounts, rewards, and many other facilities. Why would any person let go of such a huge opportunity? Many people are likely to shift their assets and expenditure to crypto and use the Aurix Exchange.
Since customers will be shifting to Aurix and crypto payments, merchants and vendors will also start accepting crypto, and at the end of the day, the demand will increase. For example, if a customer stakes and buys 300,000 Aurix Tokens, he or she will be eligible for around 90% cashback!
A considerable aspect of Aurix’s DeFi cashback system is Aurix Chain’s security. The blockchain itself is responsible for providing cashback to every individual who deserves and therefore, no chances of error exist.
The crypto world is changing rapidly, and Aurix CEO Majed Mohsen ensures that the revolution comes into the favor of Aurix. The Aurix Ecosystem consisting of Aurix Token, Mastercard, and cashback will be responsible for adopting crypto by countless people around the world.
As of now, the global crypto market is increasing by 5-10%, and although it has its ups and down, Majed Mohsen understands the potential role that Aurix can play in enhancing the experience people have while using crypto. Hence, with Aurix Chain and cashback entering the crypto world, the sky’s the limit.