Coinbase seeks to change the face of cryptos including Bitcoin (BTC), the leading cryptocurrency by market cap (MC). The crypto exchange bull headquartered in San Francisco, California, have rolled out a visa debit card that enables users in the European Union (EU) and the UK to spend cryptocurrencies instantly from their accounts. Currently, the company has over 13 million users worldwide.
They broker exchanges of Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ethereum Classic with traditional (fiat) currencies such as the dollar, the euro, shillings, and the pound, in around 32 countries, and handle BTC transactions with key storage in approximately 190 nations globally.
According to an official blog post, users will be in a position to spend cryptocurrencies “as smoothly as the money in their banking institutions.” The blog notes:
“Coinbase Card is powered by customers’ account cryptocurrency balances, giving them the ability to pay in-store and online using BTC, ETH, LTC, and more. Users can use their card in millions of locations around the world, making payments through contactless, Chip and PIN, plus cash withdrawals from ATMs. When clients use their card, we instantly convert digital currency to fiat currency, like GBP, which is used to complete the purchase.”
The exchange has also rolled out an app which will help users to choose between their digital currency wallets when funding their spending.
The app further provides “prompt receipts, spending classes, transaction summaries, etc.” The customers can access and download the Android or iOS version of the app – and then firmly connect their exchange’s account - in order to benefit from this initiative.
“This is the first product to link directly with a major crypto exchange in UK and EU, enabling users to spend their cryptocurrency balances direct from their Coinbase account.” “Previously available cryptocurrency cards required customers to pre-load a quantified amount of digital currency into their account, adding a point of friction to the process.”
Currently, the Coinbase card is available in the UK, and all countries in the EU, but the exchange plans to introduce it in a variety of countries across and outside Europe – perhaps in the near future. Nevertheless, U.S. customers will have to spend BTC from their accounts via Apto payments, which is offering Coinbase with the financial technology (fintech).
Furthermore, the exchange said that it will waive the card issuance fee of around £4.95 (approx. $6.48).
There are few companies offering cryptocurrency debit cards today. According to a survey conducted back in June 2018, it was found that more than 90% of the crypto card users prefer VISA of Mastercard as their provider for their cryptocurrency cards.
The launch of the cryptocurrency debit card by Coinbase will lead to a giant step forward in cryptocurrency popularization and further price growth.