Gift card firms are launching crypto-linked cards to leverage the growing popularity of cryptocurrencies

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The most important selling point of crypto is that it holds the potential to eventually replace traditional money. There is a growing demand for decentralized finance around the globe. Banking on this growing trend, industry players from different sectors are launching crypto gift cards to make crypto mainstream in the form of gift cards. For instance,

• One of the key players in the gift card industry, GiftChill, has been expanding its ever-growing list of accepted cryptocurrencies. In July 2022, it has now announced to add Cronos (CRO) to its payment methods to serve a larger customer base spreading across many countries.

With all other cryptos, the price of Cronos soared high last year, increasing over 850%. Therefore, the gift card purchasing platform started adding more cryptos to the platform to attract more customers ready to embrace future payments. Now, the users, who are not on the traditional crypto platforms, such as Bitcoin and Bitcoin Cash, can adopt the CRO and use it to buy gift cards on GiftChill. 

The platform, which has opened up new opportunities for consumers to make purchases of gift cards with cryptocurrencies, saw strong topline growth, with US$ 2.7 million in April 2022. Since the gift card market is vast and keeps growing, gift card players are entering the crypto space to earn market share. This platform now allows buyers to use a variety of digital currencies, including Bitcoin, DogeCoin, Litecoin, Binance coin, Kisha Inu and Shiba Inu, and many other common digital coins and tokens. Moreover, through the platform, consumers can purchase digital gift cards via crypto from retailers such as Nike, Amazon, Google Play, Xbox, Walmart, and many more. The platform, which is expanding partnerships with many other sites, took a significant foothold in the industry.

With the growing demand for crypto, crypto and blockchain companies are also entering the gift space to launch crypto gift cards to attract more customers. For instance,

• In July 2022, Giftcoin, a cryptocurrency platform, announced to launch digital gift card whose value will be linked to cryptocurrency, enabling it to increase its value over time. This Giftcoin card can be used by customers online as well as in stores. In addition to this, the gift card can be used through the Giftcoin app by selecting the retailer, the amount, and the cryptocurrency to link it to.

On the other hand, there are several crypto gift companies launching gift cards and gift certificates to ease the process of buying cryptos. For instance,

• In February 2022, crypto gift cards company, CryptoBuxx, announced the launch of the crypto gift certificate and crypto gift cards, even for users without having a crypto wallet. These crypto gift cards are available in specific denominations of several crypto coins, including Bitcoin, Cardano, Dogecoin, Shiba Inu and Tetherand. However, the value of the crypto will fluctuate with market conditions, and the face amount of these gift cards remains the same.

CryptoBuxx gift certificates will be available in paper, plastic cards or digital form, while crypto gift cards are available in the form of a physical card. It is actually the first physical crypto gift card available for the consumers, while other players in the space only provide gift codes that the recipient needs to redeem through an existing wallet. Therefore, it is expected that this platform which is making crypto gifting easy even when the recipient does not have a crypto wallet, will see significant customer adoption in the long run.

• In March 2022, Fidira, a crypto gift cards company, also announced to launch of industry-leading gift cards so as to facilitate the easy buying option for new consumers of crypto gift cards. Specifically, through this launch, the company will enable consumers to buy crypto with a credit card and send these gift cards to friends and family. Initially, Fidira launched online to offer the customers an opportunity to become crypto holders by purchasing gift cards that will be distributed throughout retail stores globally. Interestingly, Fidira's gift card will also be physical NFTs that will represent existing projects' digital NFTs. Therefore, the purchase of a gift card will enable the customer to qualify for the chance to win more valued NFTs in the future. PayNXT360 expects that by partnering with the major NFT projects, Fidira will help these projects capture newer customers.

To know more and gain a deeper understanding of the global gift card market, click here.