Coinbase announces a new deal to let you pay for your Uber with crypto | City A.M.

Coinbase has today revealed a new partnership that will allow you to pay for physical goods and services from your favourite retailers with cryptocurrencies.

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

Currently only available in the UK, France, Spain, Italy and Australia, the news marks the first time that consumers can truly spend digital currencies at retailers which would not normally accept coins like ethereum or litecoin.

Read more: IBM throws support behind cryptocurrency linked to US dollar

In addition to there being no fee for purchasing the e-gift card, select retailers will also allow users to receive bonus credit on the card ranging from one to 15 per cent.

“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 founder Zeeshan Feroz said in a statement.

Read more: Bitcoin hits a two-month high