Starting July 25, 2018, Coinbase allows crypto users to withdraw their crypto balance as cryptocurrency eGift cards almost instantly. The service is available only in the EU and Australia. WeGift-Coinbase partnership will facilitate the cryptocurrency eGift cards transaction. At this point, the eGift cards that the platform offers are for vendors like Nike, Google Play, Ticketmaster, Tesco, Uber, Zalando and more.
The Coinbase customers can withdraw their virtual currencies as a cryptocurrency eGift card instead of fiat and avoid the withdrawal fees. Offering bonuses on the crypto eGift cards, Coinbase is making it an even more alluring option. While the users can choose to convert Bitcoin into Nike eGift cards or any match, the flexibility of exchange is in their hands now.
As EU includes UK, Spain, France, Italy, and the Netherlands, Coinbase is targeting to onboard more vendors in next three months as currently, it has 120 vendors and then it plans to move to other countries. The crypto to tangible trade now seems to be possible with the coinbase eGift option.
The crypto-to-fiat conversion process was facing challenges from regulatory bodies in many countries as well as the process was time-consuming beating the purpose of the speedy network. With eGift cards offer by WeGift the London base platform, now the crypto users can instantly spend their cryptocurrencies balance.
With the increasing regulations on use and trade of cryptocurrencies, there was a strong calling for a channel that would make the use of cryptocurrencies more tangible and instant. Many retailers have started accepting crypto as a mode of payment but are still facing issues of crypto-fiat exchange fee and have to wait for 2-3 days to liquidate them. With WeGift and Coinbase partnership we must expect the retailers to be excited.
