ChangeTip users can now swap their digital currency tips for real-life goods, thanks to an integration with digital gift card provider Gyft.
The bitcoin tipping service, which has raised $4.25m in funding to date, brands itself as a ‘love button’ for various social media channels including Facebook, Twitter and Reddit.
Until now, ChangeTip users could top up their accounts via Coinbase, bitcoin or credit/debit card, however they could only cash out in bitcoin. Following the firm’s announcement yesterday evening, they now have the option to redeem gift cards from Starbucks, iTunes, Xbox and Amazon. They range from $1 all the way up to $2,000.
Alongside denominations in dollars and ‘bits’ (0.000001 BTC), the platform has various ‘monikers’ – such as coffees ($1.50), doughnuts ($0.35) and high-fives ($5.00) – that users can tip each other.
“We are doing this because it’s important for people to use their tips. If you receive a coffee, claim the coffee,” Victoria van Eyk, ChangeTip’s community manager, told CoinDesk.
“If it goes well I’d love to link monikers to gift cards, so you can send someone an item and have them claim it at a store,” she added.
Gyft, which has been accepting bitcoin since 2013, is one of the most popular gift card services for bitcoin users. Earlier this year, a report from its processor, BitPay, indicated 39% of its transactions were related to gift cards.
Disclaimer: CoinDesk founder Shakil Khan is an investor in BitPay.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.