Coinmiles app first to offer Bitcoin rewards to Canadian shoppers
Would you like some free crypto with that purchase?
Canadians are big on loyalty rewards programs. We’re also big on Bitcoin. These two simple facts inspired founder and chief executive officer Dave Pouliot to launch Coinmiles, the first rewards app to enable Canadian consumers to earn a thick slice of Bitcoin on top of their existing loyalty rewards programs.
Extending its reach each month, Coinmiles is already partnering with major brands including Canadian Tire, Home Depot, Best Buy, Staples Canada, ebay, Reebok Canada, Sephora, Kiehl’s, Footlocker, Guess and others to offer up to 35 per cent equivalent in Bitcoin with each purchase.
Pouliot was first inspired by the possibilities of Bitcoin in 2013 as a financial litigation lawyer, when he wrote a submission to the Canadian Senate on possible taxation strategies for cryptocurrency.
“Watching the surge in value of Bitcoin, I began to realize that there was potential to create a program that, instead of rewarding consumers with something depreciable, would offer them a reward with the potential to grow significantly in value,” he says.
Pouliot soon approached major brands in Canada with an offer for the new program, which would operate with complete transparency for both retailers
and consumers: Coinmiles negotiates a commission with the retailer, buys Bitcoin with the proceeds and splits that commission with the customer.
The Coinmiles app was launched in December 2020 with all of the hard work already undertaken on the front end. Retail partners don’t have to fuss about obtaining Bitcoin
on cryptocurrency exchanges and apportioning it to their customers. Coinmiles rewards program members can begin
collecting Bitcoin right away, depositing crypto rewards in an in-app wallet created under the program.
System security is top of mind, says Pouliot. It has to be to earn the trust of partners like Visa and Mastercard, who provide the functionality that allows program members to link their cards with the Coinmiles app in order to earn while they also shop in-store.
“If you’re making an online purchase at Canadian Tire, just tap on the Canadian Tire logo in the app and make your purchase,” he says. “You’ll earn Bitcoin in addition to any other loyalty or rewards offerings that you normally collect.”
Conversion rates are set at spot price on the day of purchase, and rewards program members fully own their rewards earnings as soon as the return period for their purchase expires. While Bitcoin can be converted to cash, Pouliot notes that most Coinmiles customers treat their program earnings as an investment, holding the currency in their in-app wallets.
Rewards program membership ranges across the age spectrum, but definitely skews younger. Pouliot pegs the typical “Bitcoiner” as a universityeducated customer in their 30s who earns twice the income of their peers — a powerful consumer market segment.
“If we’re not already investing in it, many of us don’t
want to miss out on the opportunity to own at least some of the cryptocurrency that’s outperformed most other investments over its 12-year history,” says Pouliot. “Younger Canadians in particular have been hearing about it since they
were 12 years old. As they qualify for credit cards, we believe they’ll naturally gravitate to a rewards program that allows them to earn Bitcoin.”
As additional retailers sign on with Coinmiles, the company is finding it easier to partner with more of the nation’s top brands. Some partners are now also featured in the app’s “local offers,” which extends the Coinmiles program to in-store purchases as well.
Pouliot notes that the rewards program is fully scalable — many small and mediumsized businesses are differentiating themselves in their respective local markets by partnering with Coinmiles to offer Bitcoin rewards. The cost of partnering: typically a small set-up fee and the cost of commission per performance.
Pouliot’s own experience eating at a local restaurant in Montreal, Que. reveals the extent of Coinmiles’ benefits.
“My girlfriend and I enjoyed a nice meal and, with taxes and tips included, the 10 per cent reward level earned me
$17.50 in Bitcoin,” he recalls. “At the time, Bitcoin was trading at $5,000 and now it’s trading close to $50,000. I actually made money by eating out and got a way better deal than the person standing in line behind me. That’s a demonstration of the full power of Coinmiles.”
For more information or to sign up for free, please visit coinmiles.io. To partner with Coinmiles, visit