Thanks to the recent partnership made by cryptocurrency exchange giant Coinbase, it is now possible for customers in Europe and Australia to spend their cryptocurrency at major retailers and services such as Nike and Uber.
Coinbase is collaborating with WeGift, a London-based FinTech startup for the new service which enables its users to basically withdraw their cryptocurrency into gift cards that can be used at more than 120 retailers such as Uber, Amazon, and Tesco including others.
WeGift explained on its website the benefits of this service stating it zero swap fees together with an average bonus of 5% in gift card value after changing crypto from the user’s Coinbase account. ‘Customers purchasing an e-gift card will benefit zero Coinbase withdrawal fees and bonuses on select e-gifts,’ according to Coinbase UK CEO Zeeshan Feroz 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 added, underlining the benefits of enabling users to spend their cryptocurrency for physical goods and services.
“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 only available to customers in Australia, the United Kingdom, Spain, France, Italy and the Netherlands at launch. With a presence in32 countries, Coinbase plans to increase the feature in other markets in the coming three months.
The new service comes after the operator’s striking spread into Europe this year following the San Francisco-based crypto giant got an e-money license by the Financial Conduct Authority (FCA), the UK’s financial regulator, allowing it entails to offer e-money services as a cash option for 23 EU nations and the UK.