Seattle-based iPayYou has unveiled a gift card feature that allows its users to buy gift cards with bitcoin. Amazon, Starbucks, BestBuy and iTunes cards are now available and more brands will soon be added, the company said.
Founded by former Amazon executive Gene Kavner, iPayYou lets users buy, sell, send and receive bitcoin via a secure platform. It launched this past May.
“Everyone knows that Bitcoin is just too difficult for most consumers to use, but most people don’t think about how hard it is to spend,” Mr. Kavner said. “Integrating a gift card marketplace with our wallet platform helps solve that problem.”
Users can send gift cards to friends and pay via email and Twitter. Should the recipient no longer want the card, they can sell it back to iPayYou for bitcoin. Transactions can be canceled before they are claimed.