One of a leading cryptocurrency exchange in the United States, Coinbase, has made yet another bold move as it seeks to help users on its platform to spend their virtual currencies. A few days ago, Coinbase announced a major partnership making it possible to spend your cryptos at Nike and Uber among other top retailers in Australia and EU territories. Coinbase has partnered with an online gift card platform, WeGift, which is based in London. They has integrated its wallet service with WeGift making it possible for Coinbase users to directly buy gift cards using their digital coins.
According to Coinbase,
“Starting few days ago, Coinbase customers in the Australia and EU are able to instantly spend their cryptocurrency balances on e-gift cards, making us the first trading platform to offer direct withdrawals into e-gift cards. By partnering with WeGift, our customers can now spend their crypto with all their favorite retailers, like Nike, Tesco, Uber, Google Play, Ticketmaster, Zalando, and many more.”
After purchasing the gift cards, it becomes possible to purchase goods and services from 120 retailers according to information posted on WeGift’s website. More than just purchasing e-gift cards, you are also eligible for 5 percent bonus and zero trading fees as it has been the norm for Coinbase.
Although the service is only available in the UK, France, Italy, Netherlands, Spain, and Australia, Coinbase has indicated that it will be expanding the countries’ list within the next 90 days while also getting more retailers on board.
Zeeshan Feroz, CEO, Coinbase UK, continued to note that
“From converting bitcoin into Uber credits or ether into a Nike shopping spree, customers will have greater flexibility and control over how they use their crypto.”
Currently, Coinbase fully supports bitcoin (BTC), ethereum (ETH), Litecoin (LTC), and bitcoin cash (BCH)
With Coinbase making it possible to spend your cryptos at Uber and Nike, do you think Coinbase will fulfill its promise of adding more retailers and countries with the aim of endearing its services to more people?
Let me know your thoughts in the comments section.
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