Swych, a mobile gifting platform, announced that it will begin accepting payment in a variety of cryptocurrencies. Starting today, consumers will be able to pay for gift cards from 600+ retail partners using both fiat and crypto.
Swych now provides an alternative for crypto-holders to exchange their digital assets for instant cash in the form of a digital gift card spendable at hundreds of different retail outlets including Amazon, AMC, Nordstrom, and Sephora.
The platform will support payments in bitcoin (BTC), ether (ETH), Bitcoin cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC) with plans to integrate more in the future.
Rather than going through an exchange to “cash out”, Swych offers a safe outlet whereby consumers are not required to disclose bank account information from where it could potentially be compromised.
Swych CEO Deepak Jain commented:
Swych is always looking for innovations and opportunities to get closer to our consumer and drive more value for them. We understand that a lot of consumers are users of cryptocurrency wallets and have purchased alternative currencies for various purposes. Swych offers a very unique opportunity for crypto holders to spend their alternative currencies at the highly popular retail brands that have partnered with us through our digital gift card offerings. Using this approach, consumers don’t have to share sensitive bank details on the internet with anyone to receive liquidity when they sell their alternative currencies.
Consumers can receive the gift card instantly and we don’t charge any fees, unlike other options, when consumers want to receive fiat. We believe that this might be the safest, easiest and the friendliest option available for consumers to spend their alternative currencies at premium brands across categories like merchandise, travel, entertainment, fashion, gaming, and dining.