File image: (AP Photo/Kin Cheung, File)

INTERNATIONAL - Cryptocurrency exchange Coinbase Inc. is rolling out a new feature that will allow customers in Europe to cash out their crypto coins for digital gift cards.

The firm is partnering with London-based startup WeGift to give users the option to convert virtual currency into gift cards from more than 120 retailers.

 The program will initially only be available to customers in the U.K., Spain, France, Italy, the Netherlands and Australia, though Coinbase ultimately plans to expand into other countries.

Gift cards are available for companies like Nike, Uber, Google Play, Ticketmaster and Tesco and Coinbase won't collect any withdrawal fees when users buy the gift cards with their cryptocurrency balances

“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,” San Francisco-based Coinbase said in a statement. 

“With the launch of e-gift cards, customers have a new option to spend their crypto balances, realizing its value to buy tangible things or experiences.”

- BLOOMBERG