PayPal-backed Raise Secures $ 63M to expand the blockchain-based gift card system
Increasingly, a company supported by PayPal who specializes in digital gift cards and loyalty programs, has raised $ 63 million rotation led by Haun Ventures. Rotation brings Rose’s total funding to over $ 220 million.
Other participants include amber group, anagram, and GSR, among others, according to a Press release. The Chicago-based company is set to use funds to generate smart cards that are back blockchain and expand the Retail Alliance Foundation, a non-profit dedicated to securing and modernizing the Global Gift Card Network.
The company aims to make the gift cards a “fully programming” that strengthens the brand’s loyalty. “This is not a reaction to market trends-it is the result of years of investment, research, and infrastructure development to bring a fully on-chain, programmed to earn money in life,” said platform founder and CEO George Bousis in CoinDesk.
“The crypto industry requires real utility now more than ever. Investors are demanding substance in the speculation, and consumers are tired of damaged promises,” Bousis added.
“We spend more than a decade exploring how blockchain can drive a real-world change in the multi-trillion-dollar card industry.”
In conjunction with funding, the company announced a new board of directors featuring Marco Santori, former CLO of Kraken; George Ruan, honey co-founder; Matt Maloney, founder of Glawubub; and Bjorn Wagner, CEO of Parity Technologies. Their experience covers fintech, crypto, and e-commerce.
