US Based cryptocurrency exchange Coinbase is planning for something big and has finally come up with their eGift cards offering with cryptocurrency for spending on goods and services.
Including Uber and amazon cards can now be purchased with the coinbase service offering the gift cards.
The service is currently available in the UK and some europian country according to the Bloomberg report and coinbase going for expansion for other countries very soon. The service is available in countries including U.K., Spain, France, Italy, the Netherlands and Australia.
Coinbase is partnered with the UK based startup WeGift, which allows the users to convert the virtual cryptocurrency with gift cards of over 100 retailers.
Those who want to buy the gift cards will get some extra bonus;
- Withdraw time usually takes upto 3 days but with gift cards, you can redeem it instantly.
- Getting the gift card, the fee will be negligible.
- Extra 5% will also be provided as the bonus.
Example getting an eGift card of 100$ you will receive 105$ equivalent to spend.
‘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.
Mass adoption toward the Crypto
Spending bitcoin and other cryptocurrency have been recently being rejected by many companies including Visa, Steam etc. But exchanging gift cards was always been legit and using for long. A user who is willing to buy some bitcoin or altcoin can exchange their existing eGift cards with that.
The movement of accepting and spending cryptocurrency has just begun and the might go a long way in the future.