Coinbase Partners with WeGift to Launch Crypto Gift Card Service in Europe
US-based crypto exchange, Coinbase, has partnered with a digital gift card startup to offer consumers a way to buy retail goods and services using their crypto assets. However, only customers residing in Europe will benefit from the service.
The cryptocurrency exchange has integrated its wallet services with a London-based digital gift card startup, WeGift, and now offers its users a way to cash out their cryptocurrency stored in Coinbase wallets for digital gift cards provided by the startup, according to a report published by Bloomberg on Wednesday, July 25. Coinbase currently supports bitcoin cash, bitcoin, ethereum, and litecoin, with more cryptocurrencies likely to be added soon.
According to information provided by the startup’s website, users will be able to convert their crypto assets into digital gift cards from over 120 retailers, including big players like Tesco, Google Play, Uber, Carrefour, Costa, and M&S.
The new feature is so far only available for users in the UK, Spain, France, Italy, and the Netherlands.
In 2013, the exchange also partnered with eGifter, a digital gift card company based in New York, to provide crypto gift cards.
The new partnership move comes just months after Coinbase acquired an e-money license authorized by the FCA (Financial Conduct Authority), the UK market’s watchdog. The license gives the company the authority to issue digital cash alternatives and offer new payment services in the country.
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