Coinbase launches UK crypto debit card
Cryptocurrency firm Coinbase has launched a debit card in the UK that will allow users to spend cryptocurrency in shops and online.
The company announced via its blog site that Coinbase Card, is a Visa debit card that lets customers in the UK spend crypto “as effortlessly as the money in their bank”.
Coinbase Card will be powered by customers’ Coinbase account crypto balances, giving them the ability to pay in-store and online using bitcoin, ethereum, litecoin, and more.
The firm said that customers will be able to 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, the firm instantly converts crypto to fiat currency, such as British pounds, which is used to complete the purchase.
App created to support card
To help customers manage their spend, Coinbase has 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.
To celebrate the launch of Coinbase Card, the firm said it was waiving the £4.95 card issuance fee for the first 1,000 people to join the waitlist.
From today Coinbase customers can download the iOS and Android app 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.
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.
Coinbase Card is currently only available in the UK, but the firm said it plans to support other European countries in the coming months.
Welcome to Prolific London
Get all the latest media, marketing, technology and creative news for the capital