Coinbase cryptocurrency exchange has entered a strategic agreement with WeGift, a digital gift card service platform. Through the partnership, Coinbase will add a new feature to its trading platform that allows its customers to exchange their cryptocurrency coins for digital gift cards.
A statement from the US-based trading platform read:
“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 […] 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.”
WeGift, based in London, operates a digital platform where users can buy and sell gift cards from various retail brands. The platform supports over 120 brands including major product retailers and service providers like Tesco, Nike, Google Play, Uber, and Ticketmaster.
For customers who choose to cash out in gift cards, WeGift promises an instant withdrawal and zero withdrawal fees. It also features an average bonus of 5% on each withdrawal depending on the gift card.
The feature is currently available for users in select countries including U.K., Spain, France, Italy, the Netherlands and Australia. Coinbase, however, plans to extend the feature to users in other countries.
This latest feature adds to Coinbases’s fast-growing collection of tools to encourage exchange and use of cryptocurrencies. Its wallet service currently supports Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], and Litecoin [LTC]. More cryptocurrencies are expected to be added.