Valora and Manor, two prominent store operators in Switzerland, will begin selling Bitcoin gift cards within their stores all over the country. According to reports, the largest department store chain in Switzerland, Manor, has already begun selling Bitcoin voucher cards across the country via 59 of its branches. On the other hand, Valora is set to begin selling similar gift cards from April onwards. Värdex Suisse is the crypto company that created the Cryptonow vouchers which are available for sale in Manor stores in Switzerland. Simon Grylka, the Head of Operations at Vardex, spoke about the Cryptonow vouchers.
He said that the vouchers provided all would-be crypto adopters a simple onboarding channel for acquiring virtual currency, as they were more likely to be daunted by going for the usual avenues. Grylka also stated that the Cryptonow vouchers were quite similar to digital gold coins. The crypto and blockchain industry in Switzerland has been experiencing continued growth and the new Värdex gift card product is just more in the line. Anyone who is interested in using their crypto as a medium of exchange will find platforms, such as Bitrefill, to be extremely beneficial. Bitrefill was launched in 2014 and it is currently the largest crypto-only eCommerce website in the world.
The platform is currently offering its services in over 170 countries around the globe and this includes around 1,650 businesses like Uber, Walmart, Nike, Nintendo and Amazon. They enable users to purchase gift cards and mobile phone credit without any hassle. However, it appears that there is a new market for gift cards that is growing outside of the United States. The African market seems to be booming in this regard. The peer-to-peer (P2P) trading arena has seen an increased use of gift cards for buying Bitcoin and other cryptocurrencies, particularly in areas where the financial services infrastructure is underdeveloped.
Founded in 2015, Paxful is a popular global crypto platform, which enables people to trade with millions of others around the globe. West Africans are using Paxful and other similar platforms as a remittance hub. The leading market of the company in terms of number and volume of users appears to be Nigeria. This is certainly not surprising because Nigeria has come out to be the largest crypto market in Africa and is also being seen as one of the fastest-growing crypto markets in the world.
According to the latest reports, the country’s Securities and Exchange Commission was working on developing a new kind of crypto regulation last year for wide-scale crypto adoption. But, this had been before the apex bank in the country had provided banks from conducting transactions with crypto firms. Due to the new law, it had become difficult for Nigerians to use their credit cards for purchasing cryptocurrencies or for getting their withdrawals in fiat currency. This had resulted in an increase in the number of peer-to-peer transactions taking place.
For now, the availability of Bitcoin gift cards by Swiss retailers is certainly going to help the market in the country grow.