Coinbase offers its users a new way to spend their coins by offering withdrawals into gift cards at major retailers.
Coinbase says in a blog post from today that customers in the European Union and Australia are able to instantly spend their cryptocurrency balances on e-gift cards, making Coinbase the first platform to offer direct withdrawals into e-gift cards.
Through a partnership with the London-based startup WeGift, Coinbase users can now spend their cryptocurrency with different retailers such as Nike, Tesco, Uber, Google Play, Ticketmaster, and Zalando. Users who are purchasing an e-gift card will enjoy zero withdrawal fees and some bonuses on selected e-gift cards. The new service is currently available in the UK, Spain, France, Italy, Netherlands, and Australia. Coinbase is looking at expanding the number of retailers and markets over the coming months.
Zeeshan Feroz, CEO (UK) at Coinbase says: “Making crypto easier to use, trade and spend is a core part of our efforts to improve the customer experience. With the launch of e-gift cards, customers now have the option to spend their crypto balances, realising its value to buy tangible things or experiences.”