The service expansion of Coinbase has not ended. This time a new partnership will allow customers from Europe and Australia to pay with cryptocurrencies to popular retailers like Nike and Uber.
Coinbase’s new partnership with WeGift, a London based fintech startup for gift cards is a further step towards the mainstream adoption of the cryptocurrencies. The unique characteristic of the service is that the crypto exchange customers can convert their cryptocurrencies into gift cards. Which can be used in over 120 stores, including Uber, Amazon, and Tesco.
On the website, WeGift explained that there is next to an average bonus of 5 percent of gift card value and no exchange fees after the user converts the crypto from the Coinbase account into credits.
Zeeshan Feroz, CEO of Coinbase UK, commented on this partnership:
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 balances, realizing its value to buy tangible things or experiences.
Customers purchasing an e-gift card will enjoy zero Coinbase withdrawal fees and bonuses on select e-gifts. 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.
For starters, the service is only available for Australia, Great Britain, Spain, France, Italy and the Netherlands. With a presence in over 32 countries, Coinbase intends to expand to other markets over the next three months.
Earlier this year Coinbase received an e-Money license from UK’s Financial Conduct Authority (FCA). Following the event, the crypto company started its expansion in Europe and other parts of the globe. By contrast, the UK financial supervisors have allowed e-money services as an alternative to cash for 23 EU countries and the UK.