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The cryptocurrency sector is rarely far from the headlines and, despite major recent price volatility, continues to attract huge levels of interest and investment. The total cryptocurrency market capitalization in September 2022, for example, sat just below $1 trillion. To give that figure some basic context, it would sit comfortably in the top 20 chart of the biggest economies in the world by GDP – roughly equivalent to that of the Netherlands.
Cryptocurrency is often seen as complex and challenging to integrate into a payment infrastructure to support purchases for day-to-day living. This has hindered rapid adoption as a payment mechanism, but that is changing as businesses worldwide are now accepting Bitcoin and other cryptocurrencies as a form of payment. With almost 75% of retailers planning to accept cryptocurrency payments within the next two years, corporations and brands from AT&T and Microsoft to Gucci, Etsy, Burger King and Pizza Hut, are leading the list of brands embracing crypto payments.
70% of crypto respondents spend some of their crypto in the last 12 months
46M U.S. consumers said they would likely use cryptocurrencies to make retail purchases
15,174 businesses worldwide accept crypto as payment
$1M a day is spent on goods and services with Bitcoin in the U.S. alone
Adding value for crypto exchanges
Today, there are over 10,000 cryptocurrencies in existence, traded across hundreds of exchanges, such as Binance and Coinbase. A key part of the global crypto ecosystem, crypto exchanges allow users to buy, hold and sell cryptocurrency. As they work to add value across an increasingly competitive sector, exchange operators are looking to digital gift cards as a way to attract and retain customers.
With fierce competition, there’s a clear need to build greater flexibility and drive consumer engagement. In a practical sense, the addition of digital gift cards can allow exchange users to cash out their crypto onto a digital gift card of their choice to spend in the real world, opening up a world of retail spending opportunities and helping to support the growth strategies of exchange operators.
When exchanging crypto for digital gift cards, consumers incur minimal or zero fees while gaining access to endless options of where to spend. Crucially, digital gift cards also provide customers with greater flexibility, control and choice over how they use their tokens than simply withdrawing crypto funds to a bank account. What’s more, they are delivered instantly.
Tillo has quickly established itself as a trusted option within the crypto ecosystem, actively promoting the adoption of crypto and working with a number of providers. For exchange operators, gift cards can be used as an acquisition strategy to provide a strong USP against other exchanges. From the outset, they create a trusted environment and bolster their own marketing efforts, not least because of the brand equity that comes from being associated with household names.
To find out more about how Tillo can help crypto exchanges to embrace digital giving, click here.