Coinbase came to retail
Largest cryptocurrency exchange Coinbase entered into a partnership with London-based fintech startup WeGift. So, now exchange users can transfer their cryptocurrency to gift cards of more than 120 retailers, including Uber, Nike, Amazon and Tesco.
The growth potential of WeGift is explained by the zero amount of write-off together with the average bonus in the amount of 5% of the value of the gift card after the conversion of the cryptocurrency from the Coinbase user account.
“Customers who purchase an eGift Card will pay zero fees and receive bonuses on select eGifts,” Coinbase UK CEO Zeeshan Feroz said in a statement.
“With the release of eGift cards, there is a new way for customers to spend their crypto,” he added, highlighting the benefits of allowing users to use their crypto to purchase physical goods and services.
He decreed:
"During the conversion of Bitcoin to cards, customers will be given more flexibility and control over how they use their cryptocurrency."
The service is currently available only in Australia, UK, Spain, France, Italy and the Netherlands. Through activities in 32 countries, Coinbase intends to implement this feature in other markets over the next three months.
The new service follows a noticeable expansion in Europe this year after a crypto-exchange, based in San Francisco, received a license from the Financial Management Authority (FCA), the UK financial regulator.