The trading platform Raise, which allows buying and selling gift cards, has closed a strategic funding round of $63 million led by Haun Ventures fund with the participation of Paper Ventures, Selini Capital, GSR, and Solana co-founder Raj Gokal, Fortune reports.

It is worth noting that the funding round consisted of the sale of both primary and secondary shares, as well as token warrants.
A token warrant is an instrument that allows the warrant holder to purchase tokens of the issuing company at a specified price within a specified period or by a specified expiration date [of the agreement].
Founder of the startup George Busis stated that blockchain technologies can help retail users reduce the number of gift card fraud cases and simplify the outdated payment system.
Busey declined to disclose the company's valuation during this round, but noted that it was no less than the valuation during the Series D round, which was $675 million.
The startup's business model involves users purchasing gift cards, and the money from these purchases is stored in Raise, journalists noted. To ensure the security of funds, the company uses stablecoins. When a client uses their gift card, Raise sends the funds to the store via a standard bank transfer or using stablecoins.