Popular crypto exchange Coinbase will now start providing the Coinbase Card to its customers in the US with lucrative cashback offers. The card was initially launched in the UK in April last year.
A new debit card offering
The Coinbase Card is a debit card that could be used to spend a user’s cryptocurrency holdings on the exchange directly without converting it to fiat in a bank account. The card will now be available in the US after receiving all the regulatory greenlights. The card was first launched in the UK market in April 2019, after which it was made available in other European markets. It is currently available in Romania, Liechtenstein, Croatia, Hungary, Poland, Bulgaria, Iceland, Sweden, Norway, and Denmark as well.
The card can be integrated with Google Pay before the physical card arrives. This allows users to make contactless payments, PIN payments, Chip payments, and make withdrawals at an ATM. Coinbase commented on the launch and said,
“Eligible customers can apply via the Coinbase app or on the web. The first customers will be approved this winter. Once customers are approved, they can spend with a virtual card right away and will receive a physical card in the mail within two weeks.”
What does the card offer?
The Coinbase Card can be used to immediately convert cryptocurrency balances of a user into a fiat currency whenever a payment is made. The amount is automatically deducted from their wallet alongside all expenses and commissions. The company hasn’t detailed all the expenses and charges on the card yet.
To celebrate the launch of the card, the exchange is providing lucrative cashback rates on the platform. The customers can get 1% cashback on Bitcoin payments and 4% cashback on Stellar Lumens payments. The card is linked to a user’s Coinbase account and can be topped up with stablecoins and other cryptos. The Visa card will be accepted everywhere Visa is acceptable, which opens up a world of possibilities for Coinbase users. The card can be accepted at the 46 million Visa merchants around the world.