The American crypto exchange lynchpin Coinbase has made another exciting announcement as it introduced a gift card service that will allow customers to exchange their digital tokens for goods and services. 120 retailers have partnered with the new platform, among which are such major brands as Nike, Uber, Google Play, Tesco or Costa.
Coinbase has teamed up with WeGift, a London-based online gift card app, to release its new service, which will initially be available for customers in the UK, Spain, France, Italy, the Netherlands and Australia, with more countries to be added over the next three months.
According to the official statement, “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, realizing its value to buy tangible things or experiences.“
The company is ready to dish out a number of perks to entice users to try the new platform, as the CEO of Coinbase UK Zeeshan Feroz stated that, “Customers purchasing an e-gift card will enjoy zero Coinbase withdrawal fees and bonuses on select e-gifts.“
The new gift card service is not the first venture across the pond by the San Francisco-based crypto exchange. Earlier this year, the company received an e-money license from the Financial Conduct Authority (FCA), the British financial regulator. Coinbase has reportedly opened an account with Barclay’s to make use of the license that allows the exchange to provide payment and electronic money services for customers in the UK and 23 EU countries.
Coinbase has recently been in the news as it has launched a couple of other avenues for crypto aficionados – a custodial service for institutional investors, a crypto index fund aimed at institutionals as well and even a crypto charity for emerging countries.
The exchange is famous for its selection of digital assets offered for trading with only bitcoin, ethereum, bitcoin cash and litecoin available for its customers, compared to hundreds of digital assets on its competitors. However, the company announced its plans to introduce five additional virtual currencies in the coming months, with the lucky ones being cardano, stellar, basic attention token, zcash and 0x. Last week the company got the regulatory approval to list tokens, deemed as securities, further increasing the speculation on upcoming new digital assets.
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