Coinbase is partnering WeGift, a London-based FinTech startup for the new service which allows its users to fundamentally withdraw their cryptocurrency into gift cards that can be used at over 120 retailers including Uber, Amazon and Tesco, among others.
The upside, WeGift explains on its website, is zero swap fees alongside an average bonus of 5% in gift card value after converting crypto from the user’s Coinbase account. ‘Customers purchasing an e-gift card will enjoy zero Coinbase withdrawal fees and bonuses on select e-gifts,’ Coinbase UK CEO Zeeshan Feroz said in an announcement.
“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,” he added, underlining the benefits of enabling users to spend their cryptocurrency for physical goods and services.
“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.”