Bitcoin and crypto exchange company Coinbase, has announced the launch of Coinbase Card, a Visa debit card that lets customers in the UK spend crypto as effortlessly as the money in their bank. Coinbase Card is currently only available in the UK, but the company has plans to support other European countries in the coming months.
Coinbase Card is powered by customers’ Coinbase account crypto balances, giving them the ability to pay in-store and online using bitcoin, ethereum, litecoin, and more. 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, the company instantly converts crypto to fiat currency, such as GBP, which is used to complete the purchase.
To help customers manage their spend, Coinbase also launched the Coinbase Card app, which enables customers to select which of their crypto wallets they will use to fund their Coinbase Card spending. Coinbase Card supports all crypto assets available to buy and sell on the Coinbase platform, meaning they can pay for a meal with bitcoin, or use ethereum to fund their train ticket home. The app also offers instant receipts, transaction summaries, spending categories, and more.
To celebrate the launch of Coinbase Card, the company is waiving the £4.95 card issuance fee for the first 1,000 people to join the waitlist. Coinbase customers can download the iOS and Android app today and securely link their Coinbase account. Once linked, the crypto balance held on Coinbase will be immediately available to use through the virtual card, and their contactless Coinbase Card will be sent in the post.
This card is issued by Paysafe Financial Services Limited. Paysafe Financial Services Limited is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900015) for the issuing of electronic money and payment instruments.