Coincheck Launches New Service that Rewards Gas Users With Bitcoin

Japanese crypto exchange, Coincheck announced Friday, a partnership with a retail electricity and city gas supplier, E-net Systems, to reward gas users in the Tokyo Gas area, according to a press release issued by the exchange.

Following the partnership, both companies would sell city gas services to residents in Tokyo under a new service dubbed “Coincheck Gas,” in an effort to bring digital currency to the mass audience, while providing utility services in the country.

The idea behind the new service is that customers in the Tokyo Gas Jurisdiction will be provided with two crypto-related options; Bitcoin (BTC) Rewards Plan and Bitcoin Payment Plan, as noted in the press release.

For the first option, customers will be rewarded with BTC depending on the actual amount of gas they were able to use. However, the second option requires that they pay gas bills using Bitcoin.

While customers will get a 3 percent discount on any gas bill payment made with Bitcoin, the exchange further said, “every month, the equivalent to 3 percent of the gas bill will be accumulated as Bitcoin in the customers’ Coincheck Wallet.”

With the new service, residents in Tokyo will possibly gain more knowledge on the concept of cryptocurrencies, as they pay quickly with Bitcoin, which will potentially attract the adoption of cryptocurrencies in Tokyo.

“With the launch of Coincheck Gas, the company intends to provide increased opportunities so that many more people will use cryptocurrencies in daily life,” the PR reads.

The exchange back in 2016, launched Coincheck Electricity, which allows customers to receive and use Bitcoin to pay for electricity bills.

Although Coincheck suffered $534 million worth of NEM tokens to hackers in 2018, it recouped from the loss and is actively playing in the crypto industry. It joined few other exchanges to launch an over-the-counter (OTC) trading this year.