Coinbase, one of the popular cryptocurrency exchange has introduced Crypto Visa debit card in the UK. Now customers will be able to make the purchase and withdraw cash directly from their Coinbase accounts.
As per the Coinbase blog, Customers in the UK can now use the Coinbase Card to make payments directly using BTC, LTC, ETH and more. Coinbase Card is acceptable in millions of locations around the world with chip and contactless NFC payment.
How Does Coinbase Card Work?
When a customer purchases any items using the Coinbase Card, the money is deducted from their Coinbase account. Here in the account, the crypto is converted to fiat money and then the payment is processed.
Even they have launched Coinbase Card app where the customer can select the wallet to fund the Card. If a customer wants to buy food using Bitcoin or use Ethereum to purchase train tickets then they can switch the wallet using the Coinbase Card app.
All the crypto assets present in Coinbase platform to buy and sell can be used to fund the purchases using Card. Also, the Coinbase Card app provides instant receipts, transaction details, and other features.
Coinbase U.K. CEO Zeeshan Feroz told CNBC, this card will provide customers to spend and trade cryptocurrencies from the same platform.
Feroz also said,
“There’s a real advantage in actually being able to deposit crypto and interact with crypto because the crypto ecosystem is so much more than the investment aspect”
After the payment is done retailers would not be paid using cryptocurrencies. But the crypto is converted to fiat money and paid to the retailers said Feroz.
The launch of the Coinbase Card is done by providing first 1000 cards free to the customers after that a fee of £4.95 ($6.60) will be charged per card. There will be no monthly fees and customers can withdraw up to 200 pounds per month from the ATM using the card.
Coinbase Card is currently only available in the UK but they are planning to support other European countries in the coming months.
Would you want to use the Coinbase Card? Share your thoughts in the comment below.
Join the newsletter to receive the latest updates in your inbox.