Crypto Exchange Coinbase Launches Visa Debit Card for U.K. Customers
U.S.-based cryptocurrency exchange Coinbase has launched Coinbase Card, that enables its U.K. customers to pay in-store and online with cryptocurrency. The news was announced in a blog post on April 10.
The Coinbase Card is a Visa debit card powered by customers’ Coinbase account crypto balances, which allows them to make purchases with Bitcoin, Ethereum, Litecoin and other supported currencies worldwide. Coinbase instantly converts customers’ cryptocurrency funds into fiat currency in order to complete the purchase.
“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,” Coinbase said in a statement, announcing the launch of the card.
Coinbase also released the Coinbase Card app for iOS and Android, which links customers’ Coinbase accounts with the app and allows them to choose a particular wallet to fund their Coinbase Card. The app additionally provides access to receipts, transaction summaries, spending categories, and other features. The card reportedly supports all digital assets available to purchase and sell on the Coinbase platform.
“This is the first debit card to link directly with a major cryptocurrency exchange, allowing people to spend their crypto balances direct from their Coinbase account,” the company added. “Previously available crypto cards required users to pre-load a specified amount of crypto onto their card, adding a point of friction to the process.”
The card is issued by authorized and regulated as an electronic money institution Paysafe Financial Services Limited. For now, the card is restricted to U.K. consumers, however Coinbase reportedly plans to add support for other European countries in the near term.
Apto Payments, previously known as Shift Payments, is providing the technology for Coinbase after discontinuing its own Shift Card. The card was issued by Metropolitan Commercial Bank and supported both Visa and MasterCard payment networks.
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