Gyft Unveils New Tech for Blockchain-Powered Gift Cards

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Gyft and bitcoin API developer Chain have partnered to create Gyft Block, a trading platform aiming to make gift cards easier to exchange. Announced at Belfast’s MoneyConf, the news marks Gyft CEO Vinny Lingham‘s latest step in transitioning his mobile gift card company from one of bitcoin’s most active merchants to a more direct supporter of its underlying technology. Gyft Block is part of Gyft’s broader mission to digitize gift cards so that they can be securely traded using bitcoin’s public ledger, the blockchain. Termed ‘gift cards 2.0’, the ambitious project was first revealed at SXSW in March and followed Lingham’s own involvement as an advisor and investor in so-called ‘crypto 2.0’ firms, including Koinify and Trustatom. A statement from Gyft implied that the platform could solve real problems for the $100bn gift card market: “Consumers can redeem different forms of digital value in a single transaction: for example, a consumer can buy a cup of coffee by combining a gift card, branded reward point, and coupon, since all blockchain-based digital assets operate on the same open standards.” In an accompanying white paper, Gyft’s head of special projects Guillaume Lebleu suggests Gyft Block would seek to establish a common API for gift card issuers that more closely replicates …

The Era of Bitcoin Merchants or Why Go Crypto?

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If you look at Coinmap, there are bitcoin accepted spots almost all over the world with the largest concentration in the USA, Europe, and South-East Asia. Small shops and big stores, cafes and restaurants and overall service industry joined the usage of bitcoin. In addition, more and more online giant companies, like Microsoft, Wikipedia, WordPress, are becoming bitcoin-friendly. Bitcoin merchant list is growing every month so that the variety of services you can pay in bitcoin is increasing enormously in comparison to the last year despite the drop of bitcoin price since January, 2014. Dell Among Bitcoin-Friendly Giant Merchants Dell, one of the largest computer technology company, started to accept bitcoin in 2014 and recently widened its scale of bitcoin use to the UK and Canada. So it is claimed as one of the biggest bitcoin accepted business with the annual revenue of more than 56 billion dollars. Before Dell, the richest bitcoin merchant was Dish Network, American satellite service provider, with the annual revenue of nearly 14 billion dollars. In fact, by increasing the number of bitcoin-friendly countries Dell showed its growing trust in “the world’s most widely used digital currency”. Merchants Open New Audiences With Bitcoin Surely, the …