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Popular cryptocurrency brokerage Coinbase has today announced a partnership with an e-gift card buying service. Users of the platform from Europe and Australia will be able to buy vouchers to use at many different retailers using their exchange balances.
Coinbase Striving to Bring Greater Usability to Cryptos
From today, Coinbase will be partnered with e-gift card supplier WeGift. This agreement will allow EU and Australian users of the crypto brokerage platform to buy e-gift cards at a number of different retailers. These include: Tesco, Google Play, Nike, and others.
The leading crypto company announced their gift card initiative earlier today via their a blog posted by the CEO of their European operations. The statement by Zeeshan Feroz outlined the new partnership as well as some of the perks that users will experience when transacting with WeGift.
Firstly, e-gift cards bought using Coinbase will benefit from zero withdrawal fees. On top of this, buyers will receive additional funds to spend at the retailers. One example is Nike who are offering a 6% bonus on gift cards bought using Coinbase balances. Purchases of 100 euro will receive a 106 euro gift card.
The post itself appeared on the U.K. blog of the crypto brokerage. The company’s office in the U.K. is the centre for their operations in Europe. It’s also one of their most important hubs outside of San Francisco.
According to the post, the e-gift card initiative is part of the wider company strategy to improve crypto’s functionality around the world. Using the service provided by WeGift allows users to streamline the process by which they turn their crypto investments into tangible items whilst avoiding fees common with most exchange platforms. The blog reads:
“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.”
For now, the ability to buy e-gift cards using Coinbase balances is limited to Spain, France, Italy, the Netherlands, the U.K., and Australia. However, there are plans to increase the number of available markets in the coming months. According to the brokerage, this will coincide with greater numbers of retailers working with the scheme.
Coinbase have been making great strides this year to improve the functionality and infrastructure of cryptocurrency. Along with the WeGift partnership, the company has sought to provide institutional investors with easier access to cryptocurrency. This includes the launches of Coinbase Custody, Coinbase Markets, the Coinbase Institutional Coverage Group, and Coinbase Prime.
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