Centz, a new platform that allows users to convert gift cards to cash, has joined with OpenLedger to launch an ICO in partnership with the crowdfunding group. The Centz ICO crowdfund, which will start in November, was announced along with an early bird offer. The ICO will raise money for its campaign and development.
Centz aims to give users control over their gift card money, combining cryptocurrency, blockchain tokens, and anti-fraud technology to provide users with their gift card balances into a single lump sum. By pegging gift card balances to Centz’s digital currency – ‘Centz Gold Bucks’ – gift card balances can be spent at any time and with any gift card.
Swen Swenson, Centz President, commented: “Perhaps the biggest change in gift-giving is the rise of the virtual gift, in the form of e-gift cards. These transactions will be conducted online and new forms of delivery and security will need to be implemented as users find new ways to use gift cards. Through our mobile wallet and gift card interchanging service, Centz will position itself at the forefront of the e-gift card industry.”
According to a Blackhawk Network survey, 53% of shoppers receive cards and forget about them. 26% of shoppers receive cards for merchants that they don’t use. American households have $300 dollars of unspent gift cards on average. Consumers bought over two billion gift cards last year alone. Up to 20% in 2016 – totalling an estimated $34 billion – will never be used.
By giving consumers a mobile wallet for their gift cards it ensures they will have always have access to their money on their cellphone. It also allows consumers the possibility of transferring the value to friends and family.
Centz has partnered with the OpenLedger decentralized conglomerate to launch their first Initial Coin Offering. Open both to the public and investors, it will raise money for development. OpenLedger is offering investors the chance to pre-invest ahead of the public, and to trade the Centz token on their decentralized exchange platform.
Ronny Boesing, CEO of OpenLedger said: “The long-term goals for OpenLedger is to be a major incubator and funding platform for tech start-ups. Our partnership with Centz reflects our dedication to expanding the crowdfunding industry, one disruptive business at a time.”