Coinbase Launches Cryptocurrency Visa Debit Card
Cryptocurrency exchange, Coinbase launched a Visa Debit Card. The card makes customers in the United Kingdom and Europe encash their crypto balances. Customers will also have the ability to pay in-store, “in millions of locations”, also making payments through contactless, Chip & PIN, and also withdraw cash from ATMs.
The company introduced its “Coinbase Card” on their blog on Wednesday. The San Fransico-based company says that this card will allow its customers to spend their Bitcoin (BTC), Ether (ETH), and any altcoins that they might be holding, “as effortlessly as the money in their bank.”
The firm says that they instantly convert cryptocurrency to fiat currency when the customer used the Coinbase Card.
Coinbase has also launched the Coinbase Card app to track and manage its customer’s expenditures. The app has support for instant receipts, transaction summaries, and more.
For the initial 1,000 customers, Coinbase will waive the card insurance fee of £4.95 (6.48 USD).
The card is currently operational in the U.K, but the company aims to expand its usage to more areas.
The blog article further added the issuance and authorization of the card –
The Coinbase Card is issued by Paysafe Financial Services Limited. Paysafe Financial Services Ltd. is sanctioned by the Financial Conduct Authority under the Electronic Money Regulations 2011(FRN: 900015) for the issuing of electronic money and payment instruments.