Gifts cards bought with Crypto?
The rollout will be a phased process, with initial services being offered in Australia, the UK, Spain, France, Italy, and Netherlands. Additional countries will be added in the future. This new service is made possible through a newly formed partnership with UK based WeGift. Their platform provides access to gift cards for over 120 various companies. Their services are currently available in 10 different nations, with even more growth on the horizon.
This is a nice addition to the suite of services that Coinbase already offers. This makes spending cryptocurrency, and using it as it is intended to be used much easier. Users of the service will be able to purchased gift cards for retailers such as Uber, Google Play, Nike, Tesco, Ticketmaster, Zolando, and a bevy of others. By allowing the purchase of things like shoes, this service takes cryptocurrencies from a speculative and intangible asset, to one with a tangible use case.
In their released statement Coinbase says, “Customers purchasing an e-gift card will enjoy zero Coinbase withdrawal fees and bonuses on select e-gifts. 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.”
In Other News
Continuing with Coinbase developments, they have just announced that they have completed a thorough investigation of allegations regarding insider trading. The investigative team found that there was no evidence of illegal trading tactics. The investigation was spearheaded by two respected law firms.
When speaking with Fortune regarding the situation, Coinbase stated, “We would not hesitate to terminate an employee or contractor and/or take appropriate legal action if evidence showed our policies were violated,” a company spokesperson said. “We can report that the voluntary, independent internal investigation has come to a close, and we have determined to take no disciplinary action.
Upon a U-turn decision to support BitcoinCash in 2017, abnormal trading patterns were noted in the hours preceding its launch. Despite not being listed yet, the price of BCH skyrocketed for no apparent reason. This caused many in the crypto world to speculate that it was made known through unofficial channels of BCH’s impending listing, prior to launch. In the months that followed, multiple lawsuits were filed against Coinbase. This prompted the internal investigation into the issue.
Despite completing this internal investigation, the current lawsuits are ongoing. The results of their own investigation do however bode well for these ongoing lawsuits. Coinbase would not help their situation or benefit from lying.