CoinFlip, a global Bitcoin ATM operator, this week announced the launch of its eGift Card Marketplace offering gift cards for purchase online using Bitcoin, Ethereum and Litecoin. With coronavirus expected to push shoppers online in record numbers this holiday season, CoinFlip customers can now turn crypto into more than 250 popular eGift Cards for U.S. and global brands, including streaming, retail, fashion, entertainment, and more. CoinFlip said it is the first Bitcoin ATM operator to offer an online gift card mall through a partnership with eGifter.
“Crypto is continuing to grow in popularity, with a recent survey conducted by CoinFlip finding almost 20% per cent of Americans have invested in or purchased cryptocurrency,” said Daniel Polotsky, CEO of CoinFlip. “Our partnership with eGifter is another avenue we’re offering to our customers to transact in Bitcoin, Ethereum, and Litecoin, and turn their crypto into eGift cards.”
Having no bank account or debit card can be prohibitive to purchasing goods and services online. A Q2 2020 report from the U.S. Census Bureau reports U.S. retail e-commerce reached $211.5 billion, up 31.8 per cent from the first quarter, and 44.5 per cent year-over-year. CoinFlip is allowing these populations to engage with the industry and buy eGift Cards using crypto to transact with merchants that don’t accept Bitcoin, Ethereum or Litecoin directly.
“According to a recent report, the gift card industry will reach over $200 billion by 2024 with a CAGR of more than nine per cent from 2020-2024,” said Tyler Roye, CEO of eGifter. “We are excited about our partnership with CoinFlip, which will allow their online customer base to access our platform via crypto and participate in this thriving industry.”
eGifter offers 300 brands of digital gift cards to consumers. All of the gift cards are new (not resold), authorized by the issuing brands, and can be printed or presented from a mobile device.
Customers can access the CoinFlip eGift Card Marketplace at https://giftcards.coinflip.tech. The Bitcoin ATM provider plans to offer eGift Cards at its growing network of over 800 ATMs nationwide in the future.