Coinbase Enables Cryptocurrency Gift Cards in Europe and Asia
Coinbase a U.S. based cryptocurrency exchange has introduced an innovative way for the customers to purchase retail goods and services using cryptocurrency. Such transactions have been made possible due to the new partnership agreement of Coinbase with a digital gift card setup
According to the latest inputs, Coinbase has integrated its wallet services with a London based online gift card platform, WeGift. After entering into an agreement with WeGift, it (Coinbase) is to allow purchasing gift cards by using the cryptocurrency stored in the Coinbase wallet. As of now, it supports exchange medium like bitcoin, litecoin, bitcoin cash, and ethereum and as time rolls by more exchanges will be integrated into the system.
From the official website of WeGift, it can be inferred that gift cards purchased using cryptocurrencies can be used in transactions over 120 retail stores that accept WeGift. The list of retailers includes names like Tesco, M&S, Uber, Carrefour, Costa and interestingly, Google Play. The services are only available in limited countries which include France, U.K, Spain, Netherlands and Italy.
This is not the first time Coinbase has entered into an agreement with a digital gift card firm. Earlier in 2013, the company entered into an agreement with a New York-based digital gift card firm, eGifter to initiate offers of the crypto gift card.
The exchange company entered into an agreement with WeGift just a few months after it had obtained an e-money license from the market regulatory body of U.K., the Financial conduct authority. The e-money license gave the company a legal authority to provide payment service along with the power to issue digital cash alternative in the country, which otherwise would not have been possible. Further, the digital cash can be put into use to make internet, card and phone payments.