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PayPal-Backed Raise Secures $63M to Expand Blockchain-Based Smart Cards

Raise, a Chicago-based gift card marketplace backed by PayPal, has secured a massive $63 million in funding to further develop its blockchain-powered smart cards. This significant investment brings the company’s total funds raised to over $220 million, solidifying its position as a leading player in the rapidly evolving gift card industry.

The newly secured capital will be utilized to enhance security and programmability within the gift card sector by leveraging blockchain technology. The company’s innovative Smart Cards system converts physical and digital gift cards into immutable blockchain tokens, effectively reducing fraud risks and improving interoperability across different platforms.

By utilizing smart contracts and tokenization, Raise aims to overcome long-standing industry challenges such as counterfeiting and fragmented loyalty programs. This technology will empower retailers to encode custom spending rules, expiration dates, and loyalty rewards directly into gift cards, fostering a more flexible and secure ecosystem for both merchants and consumers alike.

Raise’s CEO, George Bousis, emphasized that blockchain has the potential to transform gift cards into a programmable “retail currency”, strengthening consumer loyalty and engagement. This vision aligns with projections suggesting that the global gift card market will surpass $2.3 trillion by 2030.

In addition to expanding its smart cards platform, Raise plans to collaborate with industry partners such as WalletConnect and Polkadot to streamline blockchain integration. The company is committing a substantial nine-figure investment over multiple years to scale its Smart Cards ecosystem, positioning it as a prominent Web3 loyalty and payment tool.

With the financial backing of PayPal and other notable investors, Raise is poised to revolutionize how gift cards are issued, managed, and redeemed, ultimately transforming the retail landscape.

Source: https://www.crypto-news.net/paypal-backed-raise-secures-63m-to-expand/