Cryptocurrency exchange Coinbase is giving its users a new way of
purchasing goods and services, after announcing a new partnership with an
e-gift card company.
Announced today, the San Francisco-based exchange is teaming up with
London-based WeGift, an online gift card platform, permitting customers
to spend their cryptocurrency on e-gift cards. Accordingly, users will
be able to purchase gift cards from more than 120 retailers including
Nike, Uber, Tiketmaster, Google pay, New Look, M&S and Decathlon. The
E-gift cards will come with zero Coinbase withdrowal fees, as well as
bonuses on selected e-gift.
"From converting bitcoin into Uber credits or ether into a Nike shopping
spree, customers will have greater flexinility and over how they use
their crypto," said Zeeshan Feroz, CEO of Coinbase U.K.
The service is currently only avilable in the U.K., Spain, France, Italy,
the Netherlands, and Australia. Coinbase has said that it is expanding
on the number of retailers and markets over the next three months.
Additionally, they are looking into other countries.
Feroz assed: "Making crypto easier to use, trade, and spend is a core
part of our efforts to improve the customer experience. With the launch
of e-gift cards, customers now have the option to spend their crypto
blances, realising its value to buy tangible things or experiences".
This latest announcement comes on the back of a productive year for the
cryptocurrency exchange.
In a bid to bring more institutional investors to the market, the
platform launched its cold storage Coinbase Custody Service, aimed at
enabling insttitutions in the U.S. and Europe to store their crypto
assets. It has also expanded its presence in Asia, with a new office in
Japan, as well as portland, Oregon.
More recently, Coinbase revealed that it was exploring the addition of
five altcoins to the platform: Cardano (ADA), Basic Attention Token
(BAT), Steller Lumens (XLM), Zcash (ZEC), and 0x (ZRX). The platform
noted, though, that it wouldn't be able to guarantee that they would be
listed for trading.
News of Coinbase's partnership with WeGift comes four months after the
exchange received an e-money license form the U.K.'s watchdog, the
Financial Conduct Authority (FCA). This means that the platform is able
to issue e-money and provide payment services in the U.K., as well as
deliver additional protection to users.