Cryptocurrency exchange Coinbase has announced to roll out crypto-based Visa debit card for the US customers. According to the official announcement, the cardholders will not have to pay for the issuance of debit cards.
The US-based cryptocurrency exchange has finally launched its card services in the United States after serving the citizens of nearly 30 countries. The Visa debit card of Coinbase works similalyr to any other Visa debit card in the market.
“Earn up to 4% in Rewards”
According to Coinbase’s official blog post, the holders of the debit card would “earn up to 4% back in crypto rewards.” At the time of spending, the crypto holding will convert into US dollars instantaneously. The card can be managed and controlled with the Coinbase app as the EU and UK users are already enjoying the services. The facility of earning rewards is only available to US citizens and is not accessible to users of other countries.
After Coinbase’s announcement, the users can apply for a crypto-based Visa debit card. After approvals of users’ requests for the exchange’s card at the end of Q4 2020, customers can spend via virtual cards before even getting physical cards.
“The introduction of Coinbase Card was a significant milestone in our efforts to create mainstream adoption of crypto as a genuine utility,” the US-based exchange stated in its blog post. Per the announcement, the company will offer more facilities for “Coinbase customers in the US to utilize their holdings.” The US customers will not be charged fees on the issuance of cards but they will pay fees at the time of conversion from cryptocurrency to fiat currency.
Currently, Coinbase is successfully offering crypto-powered debit card services in the UK, Greece, Liechtenstein, Poland, Iceland, Sweden, Belgium, Finland, Austria, Portugal, Croatia, Slovenia, Denmark, Luxembourg, Ireland, Romania, Lithuania, Estonia, Norway, Bulgaria, Spain, Latvia, France, Slovakia, Cyprus, Netherlands, Hungary, and Italy.
Coinbase is the latest entry as cryptocurrency exchange Binance rolled out crypto-powered Visa card in March 2020 for users across the world.