Popular US-based cryptocurrency exchange Coinbase Inc. is now offering something no other exchange has to its customers. According to a report by Bloomberg this morning, the crypto exchange will offer a way for its customers to purchase retails goods and services using cryptocurrency. There are now going to be Coinbase crypto gift cards.
Coinbase just signed a new partnership with the digital gift card London-based startup WeGift. This new partnership will allow Coinbase users to convert their digital currency from their Coinbase wallets into gift cards for more than 120 different retailers.
Currently, the crypto exchange only supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). However, new reports have recently surfaced that new coins may be added soon.
Initially, the Coinbase crypto gift cards program will only be offered to customers in Australia, France, Italy, the Netherlands, Spain and the UK. However, Coinbase ultimately plans to expand this offer into other countries.
“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,” San Francisco-based Coinbase said in a statement. “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.”
Lately, a number of the major cryptocurrency exchanges have announced that they were entering the US market and doing so by regulatory approval. Coinbase and Bittrex were the only major exchanges within the United States for quite a long time, due to exchanges not wanting to deal with the SEC.
Now, it seems the path of entry is far more clear, and foreign exchanges are diving in. As a result, it seems Coinbase is working on different avenues to make the exchange stand out from the rest of the pack and keep its current active user base. If new cryptocurrencies are indeed added to the platform, this should also help to peak investor interest and might keep them on board, along with the offer of these crypto gift cards.
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