Coinbase – America’s number one cryptocurrency exchange has launched a Coinbase Card to enable its customers in the United Kingdom make in-store and online payments with cryptocurrency.
As published on the Coinbase blog, the Coinbase Card is a Visa debit card linked to customers Coinbase account which allows them make purchases with digital currencies worldwide from their crypto balances. A snippet of the blog post reads:
“This is the first debit card to link directly with a major cryptocurrency exchange in the UK and EU, allowing users to spend their crypto balances direct from their Coinbase account…the card will allow customers spend crypto as effortlessly as the money in their bank.”
By partnering with major global payments company – Visa, Coinbase will instantly convert customer cryptocurrency funds to fiat and transfer to vendors in order to complete customer’s purchase; a move which is sure to fuel wider cryptocurrency adoption.
The Coinbase card though yet to be released, will be issued for £4.95 by authorized and regulated monetary institution, Paysafe Financial Services Limited. The card links to an app for iOS and Andriod users which provides an interface for Coinbase customers to access their account, with options to choose what wallet to fund their cards while giving access to transaction receipts and spending categories.
The card currently only available to U.K customers is said to support all crypto coins listed for purchase and sell on the Coinbase with the exchange looking to extend its utility across other European countries soon. Other details include: Transactions will attract a 2.49% fee, local ATM withdrawals of up to $260/month are free and for higher amounts a 1% fee is charged.
Visa on its part continues to make light moves within the crypto and blockchain industry, from the hiring of blockchain-related staff to this latest card release, the payments firm seems set to explore and integrate this technology in its products.
What are your thoughts on this? Are cryptocurrency payments for retail purchases now becoming more feasible?