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, Ticketmaster, Google Play, New Look, M&S, and Decathlon. The e-gift cards will come with zero Coinbase withdrawal fees, as well as bonuses on selected 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,” said Zeeshan Feroz, CEO of Coinbase U.K.
The service is currently only available 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 added: “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, 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 institutions 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), Stellar 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 from 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.