Coinbase Courting European Customers With New Crypto Gift Cards Program

Cryptocurrency enthusiasts, in Europe, will now be able to cash out their crypto coins for digital cards, thanks to a new partnership between Coinbase and London-based startup, WeGift. The program provides an easy way for people to convert digital coins to gift cards, in over 120 retailers, in some of the biggest cryptocurrency market in the region as well as Australia.

In addition, the e-gift card offering provides yet another option for people to realize the value of their cryptocurrency holdings in real life. It also addresses a long-running issue that has seen people complain of a lack of places to spend virtual coins for physical goods.

Some of the countries where the program will be available include, the U.K, Spain, Holland, France, and Italy. Plans are already underway to expand it to more countries. Gift cards will be available for companies like Uber, Nike Google Play, and Ticketmaster

“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.

According to the London based startup, interested people stand to enjoy zero swap fees as well as an average bonus of 5% in gift value. Coinbase customers will also enjoy zero withdrawal fees and bonuses on select e-gifts, on purchasing select gifts from WeGift.

A partnership with WeGift underlines the San Francisco based expansion drive that has seen it set sights on the European market. U.K’s financial regulator, Financial Conduct Authority, has already granted the cryptocurrency exchange permits to offer e-money services in the Kingdom. Coinbase has also expanded its footprint into Asia having already set foot in Japan, another major cryptocurrency marketplace.

Coinbase is one of the largest cryptocurrency exchanges based on trading volume. It also boasts of over 20 million user accounts. Valued at more than $7 billion, Coinbase has seen its prospects in the emerging sector turn positive in recent months.

The company has already inked a deal with a $20 billion hedge fund client, affirming its status in the sector. Reinstatement of the company’s ads on Facebook and Instagram is another huge development that continues to strengthen the brand and reputation in the highly competitive industry. A green light to complete Keystone Capital Corp, Venovate Marketplace Inc., and Digital Wallet should give the firm a broker-dealer status, expected to strengthen the brand even further.