US exchange Coinbase have launched Coinbase Card, a Visa debit card that will instantly convert cryptocurrencies into fiat when paying for items either in store or online. In an official blog post, the company said the card will allow customers in the UK to “spend crypto as effortlessly as the money in their bank”.
This is the first debit card to link directly with a major cryptocurrency exchange in the UK and EU. The Visa debit card is issued by PaySafe Financial Services and can be managed using the Coinbase Card app which enables customers to select which crypto wallets they want to use to fund their spending.
Coinbase UK CEO, Zeeshan Feroz, has said that there is a “real advantage in actually being able to deposit crypto and interact with crypto because the crypto ecosystem is so much more than the investment aspect”.
Coinbase Card Lets You Use Whatever Cryptocurrency You Hold On Coinbase
Customers can use their card in millions of locations around the world, with any merchant on the Visa network. Payments can be made through contactless, Chip and PIN, as well as cash withdrawals from ATMs.
The card is powered by customer’s Coinbase account crypto balances and it supports any cryptocurrency already available on Coinbase. So whether you want to spend your Bitcoin, your Litecoin or your XRP, the choice is yours.
At present, the card is restricted to UK customers only, although they do plan to “support other European companies in the oncoming months”. They are waiving the £4.95 fee for the first one thousand people who join the waiting list. Transaction fees are 2.49 percent in the UK and the fee rises to 2.69 percent within the EU. Outside of the EU however, you might prefer to use another plastic card as the fees rise to a considerable 5.49 percent.
Customers can download the iOS and Android app now and link to their accounts, once linked, the balance held on Coinbase will be available to use via the virtual card, and the contactless card will be sent by post.
Last month, 21CRYPTOS reported that Visa were looking to recruit a Technical Product Manager at Visa Fintech in their Palo Alto office. The employee will work closely with the Visa Research team to develop new products to deliver value to fintechs and Visa. They are expected to have “significant functional knowledge” of the crypto industry as well as knowing who the major players are within the space.
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