Cryptonow: the next step to bitcoin acceptance?
Bitcoin is booming – also in Switzerland. Recently, two companies based in the Alpine nation came up with the idea of bringing Bitcoin to the people in the form of voucher cards.
The largest Swiss department stores‘ chain, Manor, and the Swiss-based retail company Valora apparently did not miss the current Bitcoin hype. In order to profit from the hype, the two retailers now want to distribute Bitcoin gift and voucher cards called Cryptonow to their Bitcoin Era customers. Manor is already trading the BTC vouchers in 59 shops. Valora also plans to introduce Cryptonow vouchers in its nationwide kiosks by 1 April 2021, the Swiss newspaper Tages-Anzeiger reported last Monday.
Behind the Cryptonow offering is the subsidiary of Swiss crypto exchange Bitcoin Suisse: Värdex. Simon Grylka, product manager at Värdex, commented to the newspaper on the idea of the vouchers and compared them to digital gold coins:
The Cryptonow voucher can be given away like a digital gold vreneli.
Cryptonow would offer customers an alternative to circumstantial shopping with cash or EC card, Grylka said. Furthermore, he sees this trading model as an opportunity to give people easier access to cryptocurrencies like Bitcoin. In total, customers are offered three different voucher versions ranging from 100 to 500 Swiss francs.
In the right place at the right time?
Bitcoin is currently gaining more and more acceptance. However, it is mostly institutional investors and companies that are attracting attention with their enormous investments. With Cryptonow, Bitcoin could now gain momentum in another place, namely mass adoption. The voucher cards could be another step towards broader Bitcoin acceptance in everyday life. Customers have the option of selling the vouchers at one of a total of 70 Värdex-operated Bitcoin ATMs or redeeming them at any exchange service.