Coinbase, the US-based cryptocurrency exchange presently offers a route for clients to buy retail products and services utilizing crypto resources, thanks to the association with a digital gift voucher startup.
According to a report from Bloomberg on Wednesday, Coinbase has incorporated its wallet services with a London-based online gift card platform WeGift, and now enables clients to buy gift cards with cryptocurrency stored in their Coinbase wallets. As of now, the exchange supports bitcoin, bitcoin money, litecoin and ethereum and there is hope that more will be included.
Based on the information was given by WeGift’s site, gift cards that are bought through cryptocurrencies can be utilized as a part of more than 120 retailers that acknowledge WeGift, including Tesco, M&S, Uber, Carrefour, Google Play and Costa.
The service is so far just accessible in the U.K., France, Spain, the Netherlands, and Italy.
In 2013, Coinbase also cooperated with a New York-based digital gift card firm called eGifter to offer crypto gift cards.
The move comes a long time after the exchange anchored an e-money license approved by U.K. markets guard dog, the Financial Conduct Authority. As beforehand reported by CoinDesk, the license enabled the organization to give payment services and issue digital cash options in the nation, which would then be able to be utilized to make a card, internet or phone payments.