Raise, a company specializing in digital gift cards and blockchain payments, has successfully completed a funding round totaling $63 million. Based in Miami, Raise has now raised approximately $220 million overall. The newly acquired funds will be allocated toward enhancing its blockchain-supported gift card initiative and bolstering the Retail Alliance Foundation, a nonprofit organization dedicated to establishing a secure gift card network. The funding round was spearheaded by Ventures, with contributions from crypto-centric investors such as the Web3 Foundation, Borderless Capital, and Amber Group, indicating strong trust in Raise’s vision and technological approach from the cryptocurrency sector. Additionally, Raise has welcomed new board members, including Marco Santori, former Chief Legal Officer at Kraken Digital Asset Exchange and previous President of Blockchain. com; George Ruan, ex-CEO of the shopping tool company Honey; Matt Maloney, founder of a food delivery service; and Björn Wagner, CEO of Parity Technologies, a blockchain enterprise. Since its inception in 2013, Raise has teamed up with approximately 1, 000 retailers and processed around $5 billion in transactions for close to 7 million users, collaborating with brands such as DoorDash, Uber, and Lowe’s. Raise attracts significant crypto investment The Raise app works with digital wallets like MetaMask. It also offers digital solutions to businesses, aiding in loyalty programs and payment processing through alliances with financial institutions like Citibank.

"For over a decade, we’ve invested tens of millions of dollars into transitioning gift cards and loyalty programs on-chain, " stated Raise CEO and founder George Bousis. "Now, we’re committing nine figures over the coming years to fully achieve this vision. " Bousis emphasized that this ambitious goal is supported by a favorable regulatory framework and the advancement of technology in the blockchain and crypto sectors. Raise is strategically positioned to take advantage of the burgeoning gift card market, projected to reach $3. 09 trillion globally. The company has recently expanded its app availability to the UK and Canada as part of its international growth strategy. Previous backers of Raise include PayPal, along with venture capitalists Accel and New Enterprise Associates. With this latest round of funding, Raise aims to continue innovating and expanding its market footprint, transforming the digital gift card landscape through blockchain technology.