Cryptocurrency exchange Coinbase is giving customers a new way to spend their virtual cash by offering direct withdrawals into popular gift cards at major retailers.
Coinbase has partnered with WeGift to offer the fee-free service which unlocks crypto balances for spending at over 120 retailers, including the likes of Amazon, John Lewis, Nike, Tesco, Uber, Google Play, and Ticketmaster.
"Making crypto easier to use, trade and spend is a core part of our efforts to improve the customer experience," says Zeeshan Feroz, Coinbase CEO. "With the launch of e-gift cards, customers now have the option to spend their crypto balances, realising its value to buy tangible things or experiences.
The service is currently available in the UK, Spain, France, Italy, Netherlands and Australia. Feroz says the company will be expanding the number of retailers and markets over the next three months.