Major cryptocurrency exchange Coinbase has just launched a Visa debit card for its customers in the UK. The card will enable UK customers to spend cryptocurrencies directly from their Coinbase accounts. The card instantly converts the digital assets into the fiat currency and completes the transaction. This is the first debit card to be linked directly to a major cryptocurrency exchange in the UK.
The Coinbase card can be used to make both online and offline purchases with Bitcoin, Ethereum, Litecoin and other cryptocurrencies. The card will allow customers to perform international transactions as well as cash withdrawals from ATMs. The card will be equipped with chip, pin and contactless functionality, just like Visa debit cards issued by banks.
Coinbase has also launched a Coinbase Card app to help customers manage their spends. This app will allow users to select the crypto wallets they want to use for the Coinbase Card. The app also offers receipts, transaction summaries, spending categories and other details.
As part of the initial launch offer, Coinbase is waiving off the £4.95 card issuance fee for the first 1000 customers who sign up for the waitlist. Customers can download the app and link their Coinbase accounts to the app. While the virtual card will be immediately available post registration, the actual Coinbase Card will be sent through post.
Currently, the card is only supported in the UK but it will soon be made available to other customers in the EU as well. The exchange is quickly merging the boundaries between traditional finance and crypto finance. Coinbase recently also started offering cross-border payments services with Ripple (XRP) and USD Coin (USDC).
(Image Credit: Coinbase Blog)