The crypto community has long been dedicated to enabling the mass adoption of the ‘new age currency,’ with social media giant Facebook issuing its stablecoin, many e-commerce websites accepting crypto payments and businesses offering attractive crypto gift cards. Latest to jump on the bandwagon is Amaten, a Japanese gift card platform that will work with the Aelf blockchain to offer token-powered gift cards, as reported by Verdict, a UK news platform. The partnership will target the massive customer-base of the gift card industry, which is valued at $340 billion worldwide and $21 billion in Japan.
A Partnership to Look Out For
Where Amaten is Japan’s major gift card marketplace, Aelf is not without its laurels when it comes to the gift card sector. Aelf is known for its trusty blockchain specializing in gift cards and carries a China Electronics Technology Standardization Institute certification. Amaten plans to base the framework of its tokenized gift cards on Aelf’s expertise and will use the latter’s blockchain to manage and exchange the cards. The company plans to unveil its first blockchain-powered gift card platform in Japan with plans to soon enter the global market.
The partnership is expected to curb persisting fraud in the sector by allowing the tracking of gift cards, right from issuance to reaching the customer. Moreover, much like all other industries that blockchain has revolutionized, the gift card system is set to transform with this initiative. Commenting on the shortcomings of existing gift card systems the chairman of Amaten said:
“It still suffers from basic fundamental shortcomings and is very inconvenient. I believe that the gift card industry can be a perfect use case for blockchain. The two are a completely natural fit.”
The cryptosphere has delineated keen interest in the gift card market in recent times with crypto giant, Coinbase enabling coins-brand e-certificates exchange in select countries.