A partnership was announced yesterday. This update has the crypto community and the general fintech community buzzing. The partnership will allow the purchase of gift cards directly on the Polkadot app. These gift cards, represented in fiat currency, will be spendable at over a million stores, e-commerce sites, and chains. Experts suggest that such moves have the potential to lead to wide adoption of digital assets.
The Partnership to Bring Gift Cards to the Polkadot App
Raise and Parity Technologies partner to make it easier and more rewarding for people to use their cryptocurrencies for day-to-day transactions. Merging Raise white label payment APIs within the Polkadot app will make it easier for users to purchase gift cards using the native Polkadot token, DOT. Additionally, users can make up to 20% cashback in DOT. This shows that users stand to enjoy better value with this partnership.
The Polkadot Ecosystem
The Polkadot project launched in 2020 with the simple aim of creating a meta-blockchain that enables interaction between different blockchains. Development is still in progress due to technical challenges, but the Polkadot app is expected to be released in the third quarter of the year. The app, armed with Raise’s infrastructure, will grant users the ability to make purchases at US retailers using DOT without leaving the app. Raise and Parity plans to enhance these capabilities by the end of the year.
The Role of Raise
Raise is a major payment provider in the gift card industry. The company was founded in 2012 and has facilitated over $10 billion worth of transactions since then. The company is expanding by becoming the payment provider for the Polkadot mobile app. Raise is the largest gift card market in the United States of America; it offers on-demand gift cards from over 1000 brands. Raise’s infrastructure is integrated into the Point of Sale (POS) systems of numerous leading brands, offering a seamless and hassle-free payment experience and cashback on every purchase. The partnership with Parity Technologies focuses on bridging the gap between the crypto sector and retail, with the goal of expanding blockchain integration within the year.
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Parity Technologies
Parity Technologies has laid an indelible footprint in the blockchain infrastructure space. The company is focused on creating an open-source heritage that is unique to foster better institutions through technology. The company initially started with Ethereum, but Parity later shifted its focus to Substrate, a popular blockchain framework that gave way to the creation of Polkadot. Gavin Wood and others founded Parity in 2015 and remain the main contributors to the Polkadot Blockchain.
DOT to Pay for Gift Cards on the Polkadot App
The innovations and developments surrounding DOT have not saved the token from the struggles of the crypto market. DOT is presently ranked as the 14th token in terms of market capitalization. The token experienced a decline in 2021 after hitting its all-time high of $55. Right now, DOT trades just above $6, signifying an 88% drop from its ATH. However, experts believe that a surge might be around the corner.
Comment by George Bousis, Founder and CEO of Raise
George Bousis, the founder and CEO of Raise, remarked, “For too long, cryptocurrencies and traditional trading have remained in silos. Raise published its first white paper on blockchain in 2015, detailing a better way to enable customers to transact with businesses, but technological constraints prevented this evolution from happening. Polkadot’s blockchain provides the necessary technical support to finally bring our vision to life. Together, we are making it easier and more rewarding for people to use their cryptocurrencies for everyday transactions.
Conclusion
The industry anticipates the Polkadot app; experts believe this move will enable users to easily make transactions. Raise and Parity are dedicated to maximizing their partnership and creating an easy way to use Polkadot. Polkadot has experienced price drops, but experts suggest that the developments and innovation around the coin may help lead to an upward price movement. The BIT Journal is available around the clock, capturing recent events in the crypto space. Stay tuned, stay updated!
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