Coinbase, a crypto exchange based in the United States, has officially announced the introduction of its gift card service.
Creating Utility Of Digital Coins
This newly introduced service, Coinbase has stated, will be able to facilitate the easy exchange of digital token for goods and services. This new platform has been supported by several retailers that the crypto exchange has partnered with including big brands such as Uber, Nike, Costa, and Google Play.
In this new venture, Coinbase has collaborated with a London based app that deals with online gift card, WeGift, in its release. This newly released service will be accessible to customers residing in France, Italy, the United Kingdom, Spain, Australia, and the Netherlands. More countries will be added to the platform in the near future.
The official statement with regards to the newly developed platform describes it as making it easier for customers to utilize their digital coins whether it be changing Bitcoins into Uber points or purchasing ASOS gift cards through the conversion of Ethereum. It also describes the platform as increasing flexibility of and enhancing the control that users have over their, digital coins by enabling them to use the digital coins to purchase tangible products as well as experiences.
Incentives Provided By The Company
Zeeshan Feroz, the chief executive officer of Coinbase UK has announced that the company will be giving out incentives to motivate the customers to use the platform. The perks will include its customers enjoying free Coinbase withdrawal and qualifying for bonuses on specific items.
This is not the first attempt at diversification undertaken by the crypto exchange. The San-Francisco based crypto exchange had earlier in the year been handed an e-money license by the British financial regulator FCA (Financial Conduct Authority). This license gives the company the permission to offer payment services and electronic money services. The license allows the company to provide these services to its clientele in the United Kingdom and other countries in the European Union, twenty-three in total. The company is said to have partnered with Barclay’s to facilitate this venture.
Recent Happenings Within Coinbase
Coinbase has been seen to be making various steps towards expanding its operational avenues. Lately, it has been in the media for its launching of other crypto-based avenues, including a custodial service and a crypto index fund developed for and aimed at institutional investors. Coinbase also launched a crypto charity aimed at extending a helping hand to emerging countries.
The crypto exchange is well known for its variety or lack thereof in Cryptocurrencies available for trading in its platform. The ones currently available to its clients are limited to Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, this is in stark contrast to other Cryptocurrency exchanges which offer a wider variety, running to hundreds, of digital coins on their platforms.
The company has however announced that it will be introducing more digital coins options on its trading platforms, with the ones being considered including, but not limited to, Stellar, Zcash, and Cardano. The company has just recently received the approval to list tokens on its platforms, a move that seems to confirm the expectation of other additional digital coins.