Coinbase Launches Crypto Gift Card Service in Europe

U.S.-based cryptocurrency exchange Coinbase now offers a way for customers to purchase retail goods and services using crypto assets, thanks to a new partnership with a digital gift card startup.

According to a report from Bloomberg on Wednesday, Coinbase has integrated its wallet services with WeGift, a London-based online gift card platform, and now allows users to purchase gift cards with cryptocurrency stored in their Coinbase wallets. Currently, the exchange supports bitcoin, bitcoin cash, litecoin and ethereum, with more likely to be added soon.

Based on information provided by WeGift's website, gift cards purchased by cryptocurrencies can be used in over 120 retailers that accept WeGift, including Tesco, M&S, Uber, Carrefour, Google Play and Costa.

The service is so far only available in the U.K., France, Spain, the Netherlands and Italy.

In 2013, Coinbase also partnered with a New York-based digital gift card firm called eGifter to offer crypto gift cards.

The move comes just months after the exchange secured an e-money license authorized by U.K. markets watchdog, the Financial Conduct Authority. As previously reported by CoinDesk, the license gave the company the ability to provide payment services and issue digital cash alternatives in the country, which can then be used to make card, internet or phone payments.

Coinbase image via Shutterstock