- Coinbase began cryptocurrency gift card service in Europe.
- This service would enable customers to easily pay for retail goods and services using digital currencies.
Coinbase, the US based and one of the leading crypto exchanges in the world, in partnership with WeGift – an online gift card firm has launched a new service known as the cryptocurrency gift card service in Europe. According to the exchange, this service would enable customers to easily pay for retail goods and services using digital currencies.
A report released on today 25th July 2018 stated that Coinbase crypto wallet has gone into partnership with WeGift, a digital gift card platform based in London, to develop a service that allows customers to buy gift cards with digital currency on their Coinbase wallet. Although presently, Coinbase revealed that it only supports BTC, BCH, LTC, and ETH, however, the exchange would likely add more cryptocurrencies soon.
WeGift released an information on its website that gift cards bought with digital currency on their Coinbase wallet can be used in any retailing store that accepts WeGift. Presently, retailing stores that accept WeGift are more than 120 retailing stores and these include Zalando, Costa, Ticketmaster, Google Play, Carrefour, Uber, M&S, Nike, and Tesco.
The cryptocurrency gift card service is currently available only in a few European countries like Italy, Australia, the Netherlands, Spain, France, and the United Kingdom. The report states:
“Starting today, Coinbase customers in the EU and Australia are able to instantly spend their cryptocurrency balances on e-gift cards, making us the first trading platform to offer direct withdrawals into e-gift cards.”
Coinbase and WeGift have the intention of expanding both the number of it retailers and markets “over the next three months, as well as looking to expand into other countries soon after.”
This is not the first time that Coinbase would roll out a crypto gift card service. In 2013, the exchange rolled out crypto gift cards in partnership with eGifter, an online gift card platform based in New York.
This launching was made a few months after Coinbase obtained an e-money license from the UK Financial Conduct Authority. This license permits the exchange to offer digital cash alternatives in the UK as well as payment services.
This may in a way improve the rate of adoption of cryptocurrencies.