The largest US cryptocurrency exchange and digital wallet provider, Coinbase, is rolling out a new feature that will allow its users in Europe to use their crypto holdings to purchase gift cards, Bloomberg has reported.
According to the report, published Wednesday, the US firm has partnered with London-based start-up WeGift to offer way for users to convert cryptocurrency into gift cards from more than 120 retailers. Initially, the programme will only be available to customers in the UK, Spain, France, Italy and the Netherlands, but Coinbase plans to expand the service to 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,” Coinbase said in a statement, as quoted by Bloomberg. “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.”
At the moment, Coinbase supports four digital currencies – Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) – but the firm has made moves to expand its portfolio of crypto offerings. It has already commenced integration of Ethereum Classic (ETC) into its platforms. In addition, earlier this month the company announced that it was looking into potentially adding Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX) to its platform. However, the company warned that it might enable “only certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses”.
In March, Coinbase announced that it had been granted an e-money licence from the UK’s financial watchdog. The licence allows the company to issue e-money and provide payment services in the UK and covers fiat activities rather than virtual currencies.