Californian cryptocurrency exchange Coinbase is thrilled to announce a new collaboration. From now on, Europeans and Australians are able to spend their cryptocurrency at giant retailers such as Uber and Amazon.
San Francisco-based Coinbase has teamed up with fintech company WeGift. Through this collaboration, the two companies want to offer the crypto assets owners a more innovative and accepted service. From now on, European and Australian citizens will be able to withdraw their cryptocurrency in the form of gift cards. These can be used at more than 120 merchants counting Uber, Amazon, and Tesco, among others.
As WeGift mentions on its website, one of the service benefits is the lack of commissions. In addition, users receive a 5% bonus in the gift card after converting the crypto units. “Customers purchasing an e-gift card will enjoy zero Coinbase withdrawal fees and bonuses on select e-gifts,” Coinbase UK CEO Zeeshan Feroz claimed in a statement.
“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,” he went on, pointing out the benefits of empowering users to spend their cryptocurrency for goods and services.
Zeeshan Feroz explained:
“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 is available in 6 countries
Initially, the service is available in Australia, the United Kingdom, Spain, France, Italy, and the Netherlands. Coinbase has a presence in 32 countries, an aspect that indicates the cryptocurrency exchange will definitely expand the coverage area of service in the near future.
The announcement is another step towards achieving the company’s goals. This year, Coinbase has constantly been involved in expanding its services in Europe. The company received an e-money license issued by the Financial Conduct Authority (FCA) based in the UK, allowing it to offer e-money support as a cash substitute for 23 EU countries plus the UK.
The new way to withdraw and utilize cryptocurrency is definitely something familiar to clients and will record a high adoption rate.
