2LT National News

NEW YORK, U.S. – In a bid to allow customers to purchase retail goods and services using crypto assets, U.S.-based cryptocurrency exchange Coinbase has now partnered with a London-based FinTech startup, WeGift.

As part of its latest partnership, Coinbase customers in some parts of the world, would be able to spend their cryptocurrency at major retailers and services.

According to Coinbase, its partnership with WeGift helps it roll out the new service, which allows its users to fundamentally withdraw their cryptocurrency into gift cards.

These gift cards, the company has said, can be used at over 120 retailers including Uber, Amazon and Tesco, among others.

In a statement on its website, WeGift explained that there is zero swap fees alongside an average bonus of 5 percent in gift card value after converting crypto from the user’s Coinbase account. 

Making the announcement, Coinbase U.K. CEO Zeeshan Feroz said, “Customers purchasing an e-gift card will enjoy zero Coinbase withdrawal fees and bonuses on select e-gifts. 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.”

Feroz further noted, “From converting bitcoin into Uber credits or ether into a Nike shopping spree, customers will have greater flexibility and control over how they use their crypto.”

According to the company, the service will initially only be available to customers in Australia, the United Kingdom, Spain, France, Italy and the Netherlands. 

Coinbase, which boasts of presence in 32 countries, has said that it intends to rollout the feature in other markets over the next three months.

Earlier this year, the crypto giant marked its first expansion into Europe after it received an e-money license by the Financial Conduct Authority (FCA), the U.K.’s financial regulator.

The license allows Coinbase the means to provide e-money services as a cash alternative for 23 EU nations and the U.K.