New platform lets retailers create their own currency

Digital gift card company Giftbit has revealed a new product that will enable retailers to create their own custom currency.

The platform, accessible via an application programming interface (API), was launched at TechCrunch’s Disrupt event in San Francisco this week.

The service will make promo codes, refund credits, and custom currency management easier for retailers. By introducing native digital currency the company is exploring new platforms which could be duplicated across other ecommerce platforms.

Leif Baradoy, Giftbit’s co-founder and CEO, said: “Successful businesses need the right tools to grow. They don’t build their own CRMs anymore. They don’t build their own messaging… they use Twilio. But we’ve really seen in the market that businesses are still building their own custom currency.

“Giftbit is the tool for that. In three to five years, we think people will wonder why they ever built their own custom currency themselves.”

By providing these bespoke currency tools it’s clear that Giftbit is interested in leveraging the influence of the company’s own infrastructure. The automation of marketing tools like Salesforce will also be integrated as Giftbit angles for complete digitisation. 

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