According to reports, Raise, a well-known platform for buying gift cards, has started accepting cryptocurrencies. This move allows customers to use digital currencies to buy and use gift cards, marking a big change in how they can shop with Raise.
Raise has partnered with Wallet Connect to support a wide range of digital wallets, including MetaMask, Phantom, and Coinbase Wallet. This partnership allows users to purchase gift cards using popular cryptocurrencies such as Ethereum (ETH), Polkadot (DOT), Bitcoin (BTC), and Solana (SOL), as well as stablecoins like USDC and USDT.
According to George Bousis, CEO of Raise, the company plans to expand its crypto payment options rapidly. “The plan is to expand rapidly into a bunch of other tokens and currencies into the future,” Bousis told news reporters. He emphasized that Raise is focused on working with the most widely recognized cryptocurrencies initially, but has plans for further expansion.
Users will be able to import their non-custodial wallets directly into the Raise app to pay for anything in real-time. For example, you can now book an Uber ride with Ethereum, buy groceries using USDC, or book an Airbnb using Bitcoin. Bousis noted that these crypto transactions will not incur any fees at launch, thanks to favorable arrangements with retailers and the lower costs associated with managing crypto transactions.
“We’re using the gift card rails that were directly integrated with all the retailers to spin up a gift card at the time of purchase via crypto,” Bousis said.
Gift Card Cashback Offers with Crypto Payments
In addition to expanding its payment options, Raise is also working directly with crypto foundations and protocols to offer special promotions. These promotions will provide users with additional cashback when they use specific cryptocurrencies. For example, users who integrate their Polkadot Pay app can earn up to 20% cashback on purchases made with DOT. This incentive is expected to drive more liquidity into the Raise ecosystem, further enhancing the appeal of using crypto for gift card purchases.
The company’s plan is ambitious, aiming to spread its crypto payment options to 30 countries by the end of the year. This expansion will make it easier for millions of users to purchase gift cards using their preferred cryptocurrencies, further solidifying Raise’s position as a leader in the gift card industry.
Gift Card Innovation Meets Advanced Blockchain Technology
Raise’s journey into the world of cryptocurrency is not a sudden shift but rather the culmination of years of experimentation and innovation. In the early days, Bousis experimented with building on Bitcoin, but found it too slow and expensive. Similar challenges arose with Ethereum when it was first launched in 2015. However, advancements in blockchain technology have now made it possible for Raise to integrate these digital currencies effectively into their platform.
Bousis revealed that the company has been building a private-public hybrid blockchain to move much of its gift card and store credits business on-chain. “That will give retailers ultimate control and visibility into everything from customer data to an actual relationship with the end user,” Bousis explained. He added that blockchain’s transparency could help mitigate fraud and reduce the presence of bad actors in the industry.
The programmability of smart contracts is another key factor driving Raise’s crypto integration. These contracts can offer personalized rebates or deals to users based on specific factors, such as weather conditions. For example, AMC could offer discounts to customers when it rains, a scenario that typically slows down business.
Conclusively, retail payments have long been seen as one of the first use cases for cryptocurrencies, but until now, more has been promised than delivered. Raise’s integration of crypto into its gift card platform is a significant step towards fulfilling this promise. As Bousis noted, “My belief is the only way we’re going to get mass crypto adoption is when people are using it without realizing that they’re using crypto rails or blockchain-based technologies.”
As Raise continues to innovate, the general crypto community expects that the integration of cryptocurrency into gift card purchases will significantly impact both the crypto and retail industries. This just not only offers new payment options for users but also demonstrates the growing importance of digital currencies in everyday transactions. With plans to expand to 30 countries and ongoing partnerships with major crypto foundations, Raise is poised to revolutionize how we think about payment methods. Stay connected to DEYTHERE Media News for continual updates.
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