Coinbase, a leading global cryptocurrency exchange and wallet, has today (July 25) announced that customers will be able to spend their balances of Bitcoin, Ethereum and Litecoin on e-gift cards, available to use with over 120 retailers.
Some of the affiliated retailers now accepting e-gift card payments include Nike, Uber, Tesco, Amazon, John Lewis, Google Play and Zalando, with more brands to tipped to join in the coming months.
The announcement comes following a partnership with WeGift and crucially marks the first time that consumers can spend digital coins at retailers that would not normally accept cryptocurrency.
According to the group, customers purchasing an e-gift card will enjoy zero Coinbase withdrawal fees which will generally amount to around 1.49 percent of the amount of being withdrawn, as well as bonuses on select e-gifts of between one to 15 percent.
The new service from the US-based exchange is currently limited to customers in the UK, Spain, France, Italy, Netherlands and Australia, where customers can already begin exchanging their tokens.
Coinbase claims its will be expanding to additional retailers and markets within the next three months, with more countries to follow soon after.
Announcing the news on the company blog, CEO Zeeshan Feroz, said: “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.
“Whether it’s converting Bitcoin into Uber credits or Ethereum into an ASOS e-gift card, customers will have greater flexibility and control over how they use their crypto.”