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This company is letting you trade gift cards for cryptocurrency

Gift card holders have a solution that is flexible, safe and provides many options

amazon gift card
Image: KnowTechie

In 2018, a report on MarketWatch found that over $1 billion in gift cards go unused every year. In the same time period, consumers spent over $130 billion acquiring gift cards, which often represent gifts that are convenient and act as a more creative option than cash. With gift cards, consumers can deliver a gift remotely allowing for gifting in faraway places. 

Problems with the current gift card industry are rampant. The industry is completely fragmented with different providers that each have different fees and processes. The same goes for secondary markets where marketplaces encounter fraud attempts or misinformation that cause complications in transactions.

For gift card holders who forget to use a gift card, they typically have only five years to use their cards before they become invalid. In the US, the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 ruled that gift cards should not expire until five years after they are issued, or after the date they are loaded with money.

This is problematic as businesses could go bankrupt and leave gift cardholders with an invaluable piece of plastic. To recoup money from a bankrupt company, the gift card holder would need to join a class-action lawsuit and manage a way to get priority over creditors and often a long list of consumers. 

Additionally, gift card consumers are typically limited in regard to which options they have on current secondary platforms. For example, exchanging a gift card for cryptocurrency was previously impossible until one company, Tycoon69 International, built the platform to allow this to happen in a seamless process. 

Cryptocurrency and Gift Cards

From a user perspective, gift cards and cryptocurrencies are very similar. They are digital currencies that can be used purely online to purchase goods and services. They rely on unique strings of numbers to identify ownership and value. The merging of both adds an extra element of security and anonymity. 

For Tycoon69 International, its platform gives users and merchants the ability to trade gift cards for cryptocurrency but is also built using their proprietary blockchain technology. Blockchain technology is infamous for being transparent, with a digital ledger that can publicly identify and verify transactions that are stored on a global network of computers. 

For gift cards specifically, leveraging blockchain technology will help eliminate fraud, bloated fees, and protect user data. Tycoon69 International has standardized this process to make it as easy as possible for both merchants and users.

Using their native token, T69, Tycoon69 International is able to facilitate the transactions of gift cards, cashless payments, ecommerce, special deals, cashback, and products that include these transactional elements within their technology stacks. So not only can consumers leverage gift cards for cryptocurrencies specifically, but they can also tap into a set of other products and promotions within the ecosystem.

Finally, gift card holders have a solution that is flexible, safe and provides many options.

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