Coinbase’s new partnership with a digital gift card startup will enable customers to buy retail goods and services using crypto assets.
Since the end of the previous year, cryptocurrencies have become one of the most popular phenomenon for discussion all over the world. Nevertheless, currently, using them in our everyday life can be rather challenging.
Good news is that with a new partnership established between U.S.-based cryptocurrency exchange Coinbase and a London digital gift card start-up WeGift, paying for physical goods and services with cryptocurrencies in Europe is to become much easier.
Through to integration of Coinbase wallet services with WeGift platform, users will get a possibility to purchase gift cards with cryptocurrency that they keep in their Coinbase wallets. An electronic gift card bought on the WeGift is applicable in over 120 retailers that accept these cards, which include but not limited to Tesco, M&S, ASOS, Uber, Carrefour, Google Play and Costa.
Currently, such an opportunity is available to customers in the U.K., Spain, France, Italy, the Netherlands and Australia. Nevertheless, Coinbase has already announced its plans to expand the list of countries where consumers may enjoy their innovation.
It is believed that such an initiative will boost mass adoption of cryptocurrencies as users will see real possibility to spend their crypto holdings in their everyday life at retailers that haven’t accepted crypto payments earlier.
Coinbase founder Zeeshan Feroz commented their move in a 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.”
Further adding:
“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.”
Worth noting that no fese for buying digital gift cards will be introduced. Moreover, at select retailers, consumers may also obtain bonus credit on the card, which will range from 1 to 15 percent.
Nevertheless, it’s worth mentioning that Coinbase is not focused solely on developing and expanding its services and influence in Europe and all over the world. Recently, Coinbase has made headlines after making an announcement about forming of a political action committee. This being done, company has become the first crypto industry organization in the USA to launch its own PAC.
Such a move is aimed at getting closer to the politicians who may provide serious influence over financial regulatory policy, and establishing cooperation between the crypto industry and policymakers.
Though the national political and financial institutions in the US have never been very positive about cryptocurrencies, now it is expected that the activity of the PAC will change the general attitude towards the industry.
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