The major cryptocurrency exchange Coinbase is again in the news this week – this time for striking a new partnership that will enable its customers in Europe and Australia to spend their cryptocurrency at major retailers and services such as Nike, Uber, and others.
WeGift is the name of the Lond0n-based fintech startup which lets users withdraw their cryptocurrency into gift cards that can be used in more than 120 retailers such as Amazon, Tesco, Uber, Nike, and others.
As WeGift explained on their website, the zero swap fees and the 5% bonus in gift card value is what makes this gift card option interesting for many. As the UK CEO of Coinbase noted, “Customers purchasing an e-gift card will enjoy zero Coinbase withdrawal fees and bonuses on select e-gifts.”
The CEO of Coinbase UK, Zeeshan Feroz, also announced the following:
“With the launch of e-gift cards, customers have a new option to spend their crypto balances, realizing its value to buy tangible things or experiences,”
Feroz also underlined the benefits of enabling users to spend their cryptocurrency for physical goods and services, stating:
“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.”
The service will initially be available to customers in Australia, the United Kingdom, France, Italy, Spain and the Netherlands. However, Coinbase plans to roll the feature out in all of the 32 countries supported over the next three months.
After Coinbase expanded into Europe this year and received an e-money license by the FCA (a major UK financial regulator) it is now confident in providing e-money services as a cash alternative for 23 EU nations and the UK.
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