Coinbase Expanded its Business Through Partnerships With DailySteals and RewardsPay

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by Polina Chernykh · 3 min read
Coinbase Expanded its Business Through Partnerships With DailySteals and RewardsPay
Photo: Coinbase

Coinbase’s partnership with DailySteals will allow users to acquire discounted items with bitcoin, while the partnership with RewardsPay will make bitcoin purchases available for Facebook and iTunes users.

Coinbase joined hands with daily deals website DailySteals to allow user buy discounted products only with the use of digital currency. Bitcoin-only deals will be offered as part of the site’s Experiment Series.

The idea behind Experiment Series is that the users have to guess the price of the product to get a huge discount. DailySteals is focused on offering discounted products to buyers.

Earlier, there had been another site named bitwoot that offered deals in bitcoin. Still, it has been closed afterwards.

Coinbase stated in its blog: “Add “exclusivity” to the list of reasons why it’s great to use bitcoin. DailySteals is now offering discounted products that can only be purchased with bitcoin.”

DailyDeals plans to keep 50% of all the bitcoin received through purchases. The use of cryptocurrency will likely simplify the process of refunds and refund settlement if the company will keep its proceeds in bitcoin.

With this experiment, DailySteals is making its first steps to embracing the the virtual currency. After a few weeks, the company will publish a post on the official blog with a detailed analysis of the experiment.

The cooperation with DailySteals comes amid Coinbase’s partnership with another company, called RewardsPay. Coinbase teamed up with consumer payment service provider to allow Facebook and iTunes users to make purchases in bitcoin.

RewardsPay is a payment platform that enables users to use their cash rewards points, cash rewards and hotel points to purchase services and goods. The company works with airline, hotel and credit card rewards programs to enable consumers to use their cash rewards, miles or points at merchants.

People will be able to link their Coinbase bicoin wallets to the RewardsPay account  for making purchases at Facebook, iTunes, GrooveShark and other eight merchants with the use of digital currency. Coinbase is interested to cooperate with some big companies, taking into account that RewardsPay’s list of merchants is rather small.

Roger Gu, Business Development Manager at Coinbase said: “We are thrilled to provide new and existing users additional ways to spend bitcoin. This integration is just another step toward a reality in which consumers can purchase anything and everything using the digital currency.”

According to RewardsPay CEO Anu Shukla, the bitcoin integration is one of the most important projects for the company to date. She considers Coinbase is an ideal partner due the high security of payment processing.

The number of merchants that have adopted the digital currency is steadily increasing, with and Shopify are among the major ones. However, there is a limited number of businesses that currently accept bitcoin. Coinbase have to encourage people to spend their coins in order to ensure the company’s growth in the future.

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