The giant cryptocurrency exchange, Coinbase has announced a new partnership to allow the European and Australian customers pay cryptocurrency for physical products and services from any of the retailers.
However, the exchange has integrated its payment services via WeGift. This is an online gift card platform based in London.
This deal will be powered by WeGift, legalizing the purchase of an electronic gift card. Users need to load it with digital funds from their Coinbase wallet and use them over 120 retailers. Some of them are Tesco, Amazon, Uber, John Lewis, Carrefour, Google Play, Costa, etc.
Currently, the platform supports Bitcoin, Ethereum, Bitcoin Cash, and Litecoin and likely to add more coins. The company service is available in France, Spain, UK, Italy, Australia, and Netherland. With Coinbase presence in 32 countries, they intend to offer their services in overall markets over the coming three months.
In addition to this, there are no fee charges for buying the electronic gift card. Selecting retailers will also allow customers to grab the bonus credit on the card which ranges from 1 to 15 percent.
The company’s UK CEO said in a statement that:
“Whether it’s converting bitcoin into Uber credits or Ethereum into an ASOS e-gift card, customers will have greater flexibility and control over how they use their crypto. With the launch of e-gift cards, customers have a new option to spend their crypto balances.Therefore realizing its value to buy tangible things or experiences”.
This new feature focuses on the operator’s expansion within Europe this year. The Financial Conduct Authority (FCA), the financial regulator approved the Coinbase e-money license. They granted the company to provide e-money services as a cash option for 23 European nations and the UK.
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