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 …