Market Today

Uber purchases via crypto service was announced by Coinbase
Editorial Team

According to a publication from City AM, Coinbase yesterday announced a new partnership that will allow people to pay for physical goods and services from retailers with cryptocurrencies.

The deal will be powered by WeGift and will enable Coinbase users to purchase an electronic gift card, load it with cryptocurrency from Coinbase wallet and then use them at over 120 retailers like Tesco, Uber, Amazon and John Lewis.

The service will be currently available in the United Kingdom, France, Spain, Italy and Australia. Notably, it represents the first time that consumers could truly spend digital currencies at retailers which would not normally accept cryptocoins.

Moreover, there will be no fee for buying the e-gift card and the selection of retailers will also allow users to receive bonus credit on the card ranging from one to 15 per cent, as the publication of wrote.

“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,” the digital exchange’s UK chief executive Zeeshan Feroz said in a statement.