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Major Swiss Retailers Set to Debut Bitcoin Vouchers & Gift Cards

  • Posted On - 2021-03-09 12:57:24

The crypto boom in Switzerland has entered another dimension with retailer businesses rolling out Bitcoin (BTC) vouchers and gift cards.

According to Swiss daily Tages-Anzeiger, The largest department store chain in the country Manor is already selling Bitcoin vouchers in its 59 branches.

Meanwhile, the retail giant Valora will begin selling BTC gift cards in its booths across the country from 1st April.

Dubbed “Cryptonow,” the vouchers are from the stables of Värdex Suisse, a cryptocurrency financial services firm and also a subsidiary of leading Swiss crypto exchange Bitcoin Suisse.

According to Simon Grylka, head of operations at Värdex, Cryptonow proposes a simple onboarding channel for upcoming cryptocurrency adopters daunted by the usual avenues for acquiring virtual currency. To Grylka, the Cryptonow voucher is akin to digital gold coins.

The Cryptonow vouchers will be available in three different variants ranging between 100 to 500 francs ($107 to $535). The Värdex Bitcoin gift card product is coming during continued growth in Switzerland’s crypto and blockchain industry.

With merchant adoption of BTC still growin, Cryptonow owners are limited in how to spend their Bitcoin gift cards.

Currently, the options available for them would be either redeem the vouchers through an exchange service or sell the BTC amount loaded on the card using one of the 70 Bitcoin ATMs across the country operated by Värdex.

However, along with fixed and marginal fees charged by the retailers for acquiring the cards, Cryptonow in its present iteration seems majorly to be a novelty way of acquiring Bitcoin.

As there are different avenues offering crypto-to-gift card trading, Cryptonow is the first ever product that offers gift cards loaded with cryptocurrency.