Coinbase has just announced a partnership with WeGift. This’ll allow you to instantly convert your cryptocurrency into gift cards for popular retailers (e.g., Nike, Tesco, Argos, + many more). It’s a quick and easy way to buy gift cards with bitcoin in the UK.
I think this is awesome… but is it really worth using?
Check out this quick post to find out.
Who are WeGift?
WeGift (a London-based FinTech startup) are “continually busy” putting together tools which “make buying and selling gift cards simple and seamless at scale”. They’re backed by Ascension Ventures, Fuel Ventures, and GuanQun Investment – in addition to some individual investors (see below).
You can find out more here.
Buy Gift Cards with Bitcoin
Following Coinbase’s announcement, you can now easily and quickly buy gift cards with your cryptocurrency balance on Coinbase.
Some key points:
You can spend any cryptocurrency supported by Coinbase.
This currently includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Select from 36 different e-gift cards.
Includes popular brands: Nike, New Look, Google Play, & many more.
Receive extra bonuses!
Ranges from 2% to 10%.
Average is about 5%.
You won’t pay any fees.
You’d normally pay 1.49% when selling cryptocurrency on Coinbase.
BTC to GBP exchange rate is very close to the BPI (+0.5%).
Cost of withdrawing via bank transfer (on Coinbase) versus buying a gift card (on WeGift).
While you can only select from 36 different gift cards, Coinbase is looking to expand the selection in the next 3 months.
Want to see WeGift’s full list of supported gift cards in the UK? Click here.
This only supports 6 countries (at the moment).
Coinbase’s integration with WeGift is currently only available in:
Coinbase is looking to support more countries in the near future.
We’ll update this list and let you know when they begin supporting other countries.
Before you can get started, you’ll need to have a Coinbase account. Sign up here!
Signed up already?
1) Go to wegift.io/coinbase.
2) Click ‘Get Started’.
3) Authorise WeGift to access your Coinbase account.
I’d recommend lowering the ‘Debit money from your account’ amount (default is 5000 USD).
At the bottom, you can change the cryptocurrency wallet used.
Don’t worry! You can always modify these settings in the future.
4) Boom! You’re ready to go!
Buy Gift Cards with Bitcoin
1) Select from the supported e-gift cards under ‘Cashout Options’.
The min/max value you can buy varies.
2) Confirm your details:
Check you’re using the correct wallet.
Enter email you want the gift card delivered to (defaults to your registered email).
Confirm the country you want to spend in is correct.
Enter the cashout amount (in GBP or crypto).
6) Happy? Select ‘Buy E-Gift’.
You’ll need to verify the purchase through 2FA.
You’ll receive an email with redemption instructions.
You can also click ‘Get Your E-Gift’ (at the bottom of the confirmation page) to access this gift card.
An obvious alternative to this is GiftOff.
With GiftOff, you can:
Easily buy gift cards with Bitcoin (BTC).
They claim to “use competitive exchange rates”.
Receive 2% cashback (in Gift Off Points) when you buy selected gift cards.
Select from over 95 gift cards.
Popular options: Tesco, Argos, Google Play, & Primark.
The selection on GiftOff is obviously better, but it’s nowhere near as convenient.
With Coinbase’s WeGift integration, they’ve made it simple and easy to spend your cryptocurrency on real things that you want/need. The whole experience with WeGift is smoother than on GiftOff.
Want to try out GiftOff anyway?
Signup through this link and you’ll receive 100 FREE Gift Off Points.
Summary: Buy Gift Cards with Crypto
This Reddit user nails it on the head…
Full thread here.
Coinbase’s integration with WeGift allows you to easily and instantly buy gift cards with crypto (bitcoin, ether, litecoin, and bitcoin cash) in the UK.
I think WeGift is great.
You’re buying gifts cards with your Coinbase wallet, so you don’t need to make an on-chain transaction.
Translated? You can immediately access and use any gift card you buy. It’s all automated.
You can buy gifts cards with any cryptocurrency supported by Coinbase.
They’ll throw in a bonus between 2% and 10%.
While WeGift’s selection of gift cards is limited at the moment (just 36), Coinbase will be “expanding the number of retailers and markets over the next three months”.
With bitcoin and crypto acceptance among major brands almost non-existent, Coinbase’s partnership with WeGift is likely to be welcomed by the community.
It’s not an ideal situation. We’d prefer to buy everything directly with cryptocurrency. However, it’s a decent temporary workaround which allows Coinbase users to easily cashout their cryptocurrency (without getting ripped off).
What Do You Think?
What do you think about this?
Let us know via social media – Twitter, Facebook, or Google+!
WeGift Supported UK Gift Cards
Supported Gift Cards (UK)Bonus %
All Bar One6
Bloom & Wild8
Currys PC World4
Global Hotel Card GB6
Great British Pub Card7
House of Fraser7
Marks and Spencer3
Mitchells & Butlers7
New Look GB6
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