This is the first debit card to allow people to spend their crypto balances direct from their cryptocurrency exchange account instead of pre-loading a specified amount of crypto onto their card. Currently only available in the UK, Coinbase plans to expand the debit card into other European countries in the next few months.
Coinbase has launched its own Visa debit card that empowers customers in the UK to easily spend the cryptocurrency available on their Coinbase account crypto balances.
Named Coinbase Card, the debit card can be used to pay in-store and online in millions of locations around the world. Available for payments through contactless, Chip and PIN, as well as cash withdrawals from ATMs, the card
instantly converts crypto to fiat currency, such as GBP, which is used to complete the purchase.
Zeeshan Feroz, Chief Executive Officer at Coinbase UK, commented:
“Making crypto easier to use and spend is central to our mission to create a more open financial system. Thanks to the launch of the new Coinbase Card, in partnership with Paysafe, customers now have greater flexibility and control over how they spend their crypto, and the ability to realise its value to buy tangible things or experiences.”
Hugh Kingdon, Head of Fintech, UK & Ireland, Visa, said:
“It’s an exciting time in the global payments industry as innovators inject new ideas and technologies to enable seamless commerce for everyone, everywhere. We value the opportunity to collaborate with fintech partners such as Paysafe and Coinbase to develop cutting-edge payments solutions for businesses and consumers.”
The crypto exchange also launched the Coinbase Card app, which enables customers to select crypto wallets. In addition, the first 1,000 customers to join the waitlist will get the card for free instead of paying the £4.95 card issuance fee.
There is no minimum amount users can spend and they can spend up to £10,000 a day and withdraw up to £500 in cash per day. The fee per transaction is 2.49% (1.49% crypto conversion fee + 1% transaction fee) with no additional cost for domestic ATM withdrawals, up to £200 per month; 1% of the withdrawal amount thereafter. The fee per transaction in the EEA/EU is 2.69% (0.20% + standard 2.49%). In the rest of the world, the fee is 5.49% (3% + standard 2.49%).
Latest in line with its expansion strategy, the exchange has made significant inroads into Asia by opening a new office in Japan.
In mid-2018, the exchange introduced a slew of changes enabling instant trading and higher purchase limits for its US clients.
In early 2019, Coinbase acquired Neutrino, an Italian blockchain surveillance company for an undisclosed sum. The operator had previously acquired US exchange Blockspring.