Bitcoin And Crypto Use Gets Coinbase Boost In Europe

Story by: Billy Bambrough

One of the world’s largest bitcoin and cryptocurrency exchanges, the San Francisco-based Coinbase, is hoping to grow its footprint in Europe with digital gift cards, as users continue to struggle to get their hands on their crypto gains.

Coinbase is rolling out the new feature, in partnership with London-based startup WeGift, that will give customers in Europe an alternative way to cash out their crypto coins.

Users, initially only those in the U.K., Spain, France, Italy, the Netherlands and Australia, will be able to convert virtual currency into gift cards from around 120 retailers including the likes of online giant Amazon, department store John Lewis, supermarket Tesco, and ride-hailing app Uber.

Coinbase plans to eventually grow the service into other countries.

“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,” Coinbase UK chief executive Zeeshan Feroz said in a statement.

“Making crypto easier to use, trade and spend is a core part of our efforts to improve the customer experience. 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.”

Coinbase, which recently expanded into Japan, was earlier this year granted an e-money license by the UK’s financial regulator, the Financial Conduct Authority (FCA), allowing it to provide e-money services as a cash alternative for 23 European Union nations and the UK.

Original story: https://tinyurl.com/yavsw5va

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