Coinbase now offers crypto currency-backed electronic gift cards in a number of selected markets in Europe as well as in Australia. The company sees this move as giving its clients “greater flexibility and control over how they use their crypto.”
Also Read: The Daily: Exchange Operator Pleads Guilty, Scammer Fined Over $1.9 Million
Coinbase Gift Cards
Coinbase, the San Francisco-based cryptocurrency exchange supporting BTC, BCH, ETH and LTC, has announced this morning that, starting today the trading platform offers direct withdrawals into e-gift cards for its customers in Europe and Australia. This means that users in the applicable markets are now able to instantly spend their cryptocurrency balances from the exchange service with e-gift cards.
This development has been achieved by partnering with the London-based startup Wegift. It allows customers to spend their crypto with many known retailers, like Nike, Tesco, Uber, Google Play, Ticketmaster, Zalando, and more. This new service is currently available in the UK, Spain, France, Italy, Netherlands and Australia. Additionally, Coinbase promises to keep expanding the number of retailers and markets over the next three months, as well as to seek and to expand into other countries soon after this period.
Making Crypto Easier to Use
“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,” stated Zeeshan Feroz, Coinbase UK CEO. And he added that: “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.”
Coinbase, already valued as high as $8 billion, had a couple of very positive developments recently. The company reportedly landed a $20 billion hedge fund as a prime client and got its ads reinstated on Facebook, Instagram and Google.
Are exchange-backed cryptocurrency gift cards a proper alternative to online merchants accepting bitcoin directly? Share your thoughts in the comments section below.
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