Bitcoin And Crypto Use Gets Coinbase Boost In Europe
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One of the world's largest bitcoin and
cryptocurrency exchanges, the San Francisco-based Coinbase, is hoping to
grow its footprint in Europe with digital gift cards, as users continue
to struggle to get their hands on their crypto gains.
Coinbase is rolling out the new feature, in partnership with
London-based startup WeGift, that will give customers in Europe an
alternative way to cash out their crypto coins.
Users, initially only those in the U.K., Spain, France, Italy, the
Netherlands and Australia, will be able to convert virtual currency into
gift cards from around 120 retailers including the likes of online
giant Amazon, department store John Lewis, supermarket Tesco, and
ride-hailing app Uber.
Coinbase plans to eventually grow the service into other countries.
"From converting bitcoin into Uber credits or ether into a Nike
shopping spree, customers will have greater flexibility and control
over how they use their crypto," Coinbase UK chief executive Zeeshan Feroz said in a statement.
"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."
Coinbase, which recently expanded into Japan, was earlier this year
granted an e-money license by the UK's financial regulator, the
Financial Conduct Authority (FCA), allowing it to provide e-money
services as a cash alternative for 23 European Union nations and the UK.
Actually using or cashing out their cryptocurrency continues to be a
major headache for new users signing up to bitcoin and cryptocurrency
exchanges.
Many have complained that it's far easier to deposit money than it is
to withdraw it, often requiring them to verify their traditional bank
account before the exchange can pay out to them.
This process can take a few days and people often end up leaving
their cryptocurrency deposited in their exchange account — something
that could become a problem if the exchange were to suffer a hack or
other technical problems.
The most recent bitcoin price rally will likely spur on a fresh wave
of bitcoin and cryptocurrnency intrest from people looking to speculate
on the price for short term gains.
Coinbase will be hoping the increased accessibility of the giftcards
will mean those who use the service come back and make repeated
transactions.
The number of bitcoin transactions in Europe is currently still far
from highs it saw at the end of last year, according to LocalBitcoins,
an international trading platform.
The
bitcoin price, which has climbed some 30% over the last 30 days,
remains far under its near $20,000 highs it hit late last year but a much anticipated bitcoin exchange traded fund in the U.S.
— which many are hoping will be approved by the Securities and Exchange
Commission next month — could well give another shot in the arm to
cryptocurrency.
Meanwhile, some of the world's biggest banks and financial institutions are mulling
how they can best offer bitcoin and cryptocurrency products to their
customers — something which could bring a tsunami of fresh capital to
the market.
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