Coinbase, a digital currency exchange headquartered in San Francisco, California introduced a Gift Card features for its British, Australian and European clients as on 25th July 2018. So from now onwards, customers can buy a variety of gift cards through supported cryptocurrencies. It was a major development to the Coinbase to streamline its global clientele.
This development will bring cryptocurrencies to the mass markets sprawling worldwide. As per the official source of the company, Coinbase has partnered with London-based WeGift a digital platform that has tie-ups with more than 120 retailers across the U.K. This is one of the strategic steps that the company has taken recently.
The business model of WeGift predominates such that it offers real-time, on-demand digital gift cards to customers powered by a unique API that enables transactions of branded gift cards in any amount across partners.
Needless to say that the strategic partnership provides a vital role for economy especially for those who incline to spend cryptocurrencies instead of holding them in their portfolio. Though the point of sale for cryptocurrencies for products and services bought in exchange for digital currencies remains a destitute sector. On the whole, the partnership opens a strategic avenue for both the players.
Besides this, WeGift’s gift cards offer a small Bonus percentage ranging from one to nine to all those users that use cryptocurrencies for the purchase of WeGift gift cards. Additionally, Coinbase will charge no fees on any transactions made in this space thereby it enhances the mass use of cryptocurrencies. On the side of WeGift’s partnership front, it has a very good partners in a place like Nike, Uber, Google Play, Ticketmaster among others 116 prominent retailers in place. The most benefits of this partnership will be reaped by the customers who would potentially download an application to book a ride to shop for any items while using their cryptocurrency.
However, currently, the service is available to Coinbase users in the selected countries like the UK, Spain, Italy, the Netherlands, France, and Australia. On the transaction front especially for the payments, it can be done through Coinbase listed digital currencies like Bitcoin (BTC), Litecoin (LTC), Ether (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), etc.
The strategic move transiting especially at a time when Coinbase has conflict within the organization of insider trading. As per the valid source of BTC Manager, it was under the limelight in 2017 concerning the issues prevalent with its employees involved in insider trading scandal just before the listing of Bitcoin Cash executed. However, the exchange sought the two third-party law firms had completed their external audits pertaining to the matter and no concrete evidence of malpractice was found.