- With the help of Coinbase account, the user can directly spend from Coinbase debit card
- set of customers will be approved by December. Once customers get approved, they will get access to spend through digital card right away
Coinbase has been officially accepted as the principal membership by credit card giant, Visa. This is the first time ever, Visa is partnering with a cryptocurrency exchange company. They are now in a collaboration to launch crypto debit cards for their users, which allows them to use their crypto assets for payments and online purchases in places Visa is accepted. Additionally, it can also be used to withdraw cash from ATMs. Further, Coinbase card offers customers with 4% back in crypto rewards.
With the help of Coinbase account, the user can directly spend from Coinbase debit card. It is not required to transfer the amount to the bank. All the crypto assets will be converted to US Dollars before completing purchases and withdrawals. As said above, the 4% rewards are offered in Stellar Lumens (XLM) or 1% back in Bitcoin. It provides a seamless card management system. Through the Coinbase app, the user can manage spending and reward preferences. Just with a single touch, they can opt to spend their desired cryptocurrency.
Where will be the Coinbase Crypto Card Available?
Zeeshan Feroz, CEO of Coinbase UK, said that this card would change the mindset of crypto by serving the users to utilise the assets as liquidity. He also added that he would buy a cup of coffee with Bitcoin. The card is now available in about 30 countries including the UK and across Europe. It is now launched in the United States. As a reason, the rewards will only be applicable to US customers.
They believe that it is a milestone achievement to create a crypto debit card. This is because people around the globe can adopt crypto as a genuine utility, which is the main objective of coming up with this project. This achievement is also considered as a real-time application of cryptocurrency, as it makes the user utilise their holdings. The company also assures that they will work for further enhancement of managing and spending the crypto assets for their customers.
Eligible customers can apply either through the app or the web. The first set of customers will be approved by December. Once customers get approved, they will get access to spend the digital card right away, and the physical card will reach them within two days. The card doesn’t have any issuance fee, but it has conversion fees. The days are not far away in using crypto assets for everyday use. People would start using it for daily transactions and payments for goods and services.