Centz is teaming up with decentralized crowdfunding source OpenLedger. The crypto and anti-fraud venture, which allows customers to garner cash from unused gift cards, is working with the incubation platform to spur a new funding round this coming November following an announcement at Money 20/20 in Las Vegas.
The company’s claim-to-fame revolves around gift cards. Data suggests that almost $100 billion in gift card funds go unspent each year, and Centz is just looking to make sure consumers get their money’s worth. By linking these cards to the platform’s digital currency “Centz Gold Bucks,” users will be able to spend their them however and whenever they want. The option to trade their cards in for cold hard cash is also available.
President Swen Swenson explains:
“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.”
Through the company’s new mobile app, users can now carry their gift card balances with them on their smartphones, giving them easy access to funds should they need them quickly. The company’s crowdfunding venture is open to both private investors and the general public, though high-end investors will be given a chance to pre-invest in the company ahead of time. All funds will be used to further platform development.
OpenLedger CEO Ronny Boesing states:
“The long-term goals for OpenLedger is to be a major incubator and funding platform for tech startups. Our partnership with Centz reflects our dedication to expanding the crowdfunding industry, one disruptive business at a time.”