Owing to a recent partnership, Coinbase has launched a cryptocurrency based gift cards. This will be catered towards Europe and Australia. Also, they can be utilized at most of the major retailers like Nikkei and Uber.
The company with which Coinbase has partnered with is WeGift. It is a Fintech start-up which is trying to improve the usage of cryptocurrency. It is particularly concentrating on the gift card space. It has already tied up with over 120 different retailers in closing is on another marquee names.
According to the website of the company, the fees which are involved are 0. As a result, cryptocurrency Holdings can be used to buy equivalent value of gift cards. Moreover, in most of the gift cards, there is a 5% bonus as well. This ensures that the value of the gift card is actually on the higher side. As a result, there will be a benefit for the cryptocurrency holders.
The CEO of WeGift stated that customers will now have the option to spend their cryptocurrency Holdings in order to buy tangible products. This will ensure that they are able to conduct their day to day shopping more easily with the help of cryptocurrencies.
Recently, Coinbase launched the service in Australia as well as Europe. It intends to launch the same service in other markets pretty soon enough as well.
This is a positive step as it will actually increase the usage of cryptocurrencies. Now it will become easier for the cryptocurrency investors to actually buy stuff with the help of gift cards. Moreover, since there is a bonus involved many times as well, it is actually beneficial for the cryptocurrency holders to use these gift cards. This will ensure that they are able to buy almost each and everything.
In recent times, Coinbase has become one of the most dominant cryptocurrency exchanges. It is also gained a significant amount of traction as well. Moreover, in recent times it has also forayed into the Japanese market. The Japanese market is pretty huge when it comes to cryptocurrencies. This is one of the main reasons why this is such a huge development. With such additional services, it will be able to get even a larger market share in the Japanese market as well as all over the world. It remains to be seen how much traction these gift cards actually gain. The concept, however, is pretty effective and lucrative.