Coinbase has been adding value to the cryptocurrency industry particularly in 2019 with several additions to the crypto assets trading on its platform. Another major move now is to launch a Coinbase card in association with leading payment giant, Visa.
This is to make spending on cryptocurrency as easy as spending fiat for everyday use. The new Visa debit card will allow primarily UK customers to spend from with support on the Coinbase wallet account balance. This will enable the use of cryptocurrency for paying merchants directly through a conversion of the funds to fiat powered by coinbase.
“Customers can use their card in millions of locations around the world, making payments through contactless, Chip and PIN, as well as cash withdrawals from ATMs. When customers use their Coinbase Card, we instantly convert crypto to fiat currency, such as GBP, which is used to complete the purchase.” the Medium announcement stated.
The card is issued by Paysafe Financial Services Limited, a company authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 (900015) to issue electronic payments. The card is to be made available to more European countries in the next few months.
It is complemented by the Coinbase Card app that allows users to choose which cryptocurrency to spend. All crypto assets available on the Coinbase platform can be used to settle payments using this service and users can get an instant receipt on spending their funds.
The app can be downloaded for both iOS and Android devices and Coinbase is waiving the £4.95 card issuance fee for the first 1,000 people to join the waitlist, according to an announcement on its medium page.
With this innovation, Coinbase will be the first UK and EU cryptocurrency exchange to launch a debit card that enables users to spend their digital assets like fiat. This is a major step towards bringing cryptocurrency to mainstream sectors and integrating it into people’s regular lives.
Coinbase sure has programs in place that will revolutionize the cryptocurrency industry and bring crypto closer to the people. With these programs, mainstream adoption will soon become a reality.