Manor and Valora are taking advantage of the current popularity of crypto to sell Bitcoin gift cards at their stores in Switzerland.
Switzerland’s crypto boom has entered another dimension, with retailers distributing Bitcoin (BTC) coupons and gift cards.
Manor, the country’s largest chain of stores, already sells Bitcoin coupon cards at 59 branches, according to Switzerland-based daily Tages-Anzeiger.
Meanwhile, retail giant Valora will start selling BTC gift cards at kiosks across the country from April 1.
Bitcoin coupons called “Cryptonow” were purchased from the stocks of Värdex Suisse, a cryptocurrency financial services firm. Värdex is also a subsidiary of the major Swiss crypto exchange Bitcoin Suisse.
According to Simon Grylka, Värdex’s head of operations, Cryptonow offers a simple starting channel for potential cryptocurrency adopters that intimidate the usual ways to earn virtual currency. The Cryptonow coupon for Grylka can be compared to digital gold coins.
Cryptonow coupon cards will be available in three different variants ranging from 100 to 500 francs ($ 107 to $ 535). The Värdex Bitcoin gift card product comes with continued growth in Switzerland’s crypto and blockchain industry.
As previously reported by Cointelegraph, the 50 largest blockchain firms in Crypto Valley have gained more than 680% since mid-2020.
While vendor adoption of BTC is still increasing, Cryptonow holders have certain limits on how to spend their Bitcoin gift cards.
Currently, their options would be to use coupons through an exchange service or sell the amount of BTC loaded on the card using one of the 70 Bitcoin ATMs operated by Värdex.
However, with fixed and marginal fees charged by consumers to buy cards, Cryptonow seems to be a new way of acquiring mostly Bitcoin in its current iteration.
While there are several avenues offering crypto-to-gift card trading, Cryptonow is one of the first products to offer gift cards loaded with cryptocurrency.
The use of gift cards to purchase cryptocurrencies is a popular way in the peer-to-peer trading arena, especially in jurisdictions with underdeveloped financial services infrastructure.