The popular gift card platform, Raise, has now integrated cryptocurrency payments, allowing users to seamlessly purchase and use gift cards with their digital assets. This innovation marks a significant milestone in the evolving landscape of online shopping, as Raise embraces the future of payment methods.
Teaming up with WalletConnect, Raise has opened the doors to a variety of digital wallets like MetaMask, Phantom, and Coinbase Wallet.
This partnership enables customers to use top cryptocurrencies, including Ethereum (ETH), Bitcoin (BTC), Polkadot (DOT), and Solana (SOL), along with stablecoins such as USDC and USDT, for their gift card purchases.
According to George Bousis, the CEO of Raise, this is just the beginning. “Our goal is to quickly expand our crypto offerings, starting with the most recognized tokens but definitely not stopping there,” Bousis remarked during a recent interview. He highlighted Raise’s commitment to initially focusing on widely accepted cryptocurrencies, with a clear plan for future diversification.
According to news sources, this integration process is designed for user convenience, allowing customers to directly link their non-custodial wallets within the Raise app for real-time purchases. Whether it’s booking a ride on Uber with Ethereum, shopping for groceries with USDC, or securing a stay on Airbnb with Bitcoin, the possibilities are now broader than ever. Bousis assured that these transactions would be fee-free at launch, thanks to strategic partnerships with retailers and the inherent efficiency of cryptocurrency transactions.
“We’ve leveraged our existing gift card systems, which are directly integrated with retailers, to enable instant gift card purchases via cryptocurrency,” Bousis explained.
Gift Card Purchases Now Come with Crypto Cashback
In a bid to further enhance the user experience, Raise is also working with various crypto projects to offer unique promotions. These promotions include additional cashback for users who choose to pay with specific cryptocurrencies. For instance, users who utilize their Polkadot Pay app could earn up to 20% cashback on transactions made with DOT. This initiative is expected to attract more users and increase the overall liquidity within the Raise platform, making crypto-based gift card purchases even more appealing.
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Raise’s ambitious expansion strategy includes rolling out these crypto payment options across 30 countries by the year’s end. This global reach will enable millions of users to buy gift cards using their preferred cryptocurrencies, solidifying Raise’s role as a pioneer in the gift card industry.
Gift Cards Meet Cutting-Edge Blockchain Integration
Raise’s journey into cryptocurrency has been years in the making, fueled by continuous innovation and adaptation. Initially, Bousis experimented with Bitcoin, but the technology’s limitations at the time made it impractical for widespread use. Similar issues were encountered with Ethereum during its early stages. However, advancements in blockchain technology have now made it possible for Raise to fully integrate cryptocurrencies into their platform.
Bousis disclosed that Raise is in the process of developing a hybrid blockchain system to transition much of its card and store credit operations on-chain. “This will provide retailers with unparalleled control and transparency, from customer interactions to detailed data analytics,” Bousis noted. He added that blockchain’s inherent transparency would play a crucial role in reducing fraud and eliminating bad actors from the ecosystem.
The potential of smart contracts has also played a significant role in this integration. These programmable contracts can tailor offers to customers based on various factors, like weather conditions. For example, a cinema chain could offer discounts during rainy days, enticing more customers to visit despite the weather.
In conclusion, the integration of cryptocurrencies into Raise’s gift card platform signifies a major leap forward for retail payments. While the promise of widespread crypto adoption has been long discussed, Raise’s initiative is turning that vision into reality. As Bousis aptly put it, “Mass adoption of crypto will come when people use it without even realizing they are on blockchain rails.”
As Raise continues to lead in innovation, the impact of integrating cryptocurrency with gift card purchases is expected to be profound, influencing both the crypto and retail sectors. With ongoing plans to expand and new partnerships on the horizon, Raise is set to redefine how we think about everyday transactions. Keep following The BIT Journal for the latest developments.
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