New deal brings crypto gift cards to UK
A new deal between a London start-up and global digital currency exchange Coinbase is going to make it easier for people in the UK to spend their cryptocurrencies.
In partnership with WeGift, Coinbase is rolling out a new feature that will allow customers in Europe to load an electronic gift card with cryptocurrency from their wallet and use them at over 100 retailers including the likes of John Lewis, Tesco, Amazon and ASOS.
Customers will also be able to use their digital gift cards to pay for an Uber.
The scheme will initially be available only in the UK, France, Spain, Italy, the Netherlands and Australia, although Coinbase ultimately plans to expand 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," said Coinbase founder Zeeshan Feroz in a statement.
"With the launch of e-gift cards, customers have a new option to spend their crypto balances, realising its value to buy tangible things or experiences."
The partnership has been hailed as a significant move towards making cryptocurrencies easier to spend.
It marks the first time that users can truly spend their digital currencies at retailers which would not normally accept crypto coins.
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