2019 is expected to be the year that will send cryptocurrencies to new highs and the journey towards mainstream adoption is well underway.
A recent milestone has just been made towards just that. Coinbase has announced they are launching a Visa debit card, allowing users to easily spend their crypto assets, including Bitcoin, Ethereum, XRP and Litecoin.
The leading US crypto exchange says the card is coming to the UK first and will let users pay with their digital assets directly.
“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…
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 US exchange is also going to be launching a new app to help users take control of their funds.
“To help customers manage their spend, we’ve 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.”
The card is to be issued by Paysafe Financial Services Limited, which is completely authorised by the Financial Conduct Authority. According to a recent report by Forbes, Bitcoin, XRP, Litecoin and Ehtereum are the first coins that will be supported out of the gate. Coinbase is waiving the issuance fee for the first customers to sign up.
“To celebrate the launch of Coinbase Card, we’re 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.”
In the future though, Coinbase says it will support other European countries over the course of this year. So far, no plans have been announced to launch the card outside of Europe.