Cryptocurrency platform Coinbase announced on Wednesday its Coinbase Card has made its debut in the U.S. Coinbase reported that the card allows crypto to be used for payments and purchases online and in-store, as well as ATM withdraws.
“The introduction of Coinbase Card was a significant milestone in our efforts to create mainstream adoption of crypto as a genuine utility. Today’s announcement is another step forward in the real-world applications of cryptocurrency as it enables more options for Coinbase customers in the US to utilize their holdings. We will continue to build upon our offerings to create the most seamless and useful ways to manage crypto investing and spending for our customers.”
Features of the Coinbase Card include:
- Spend crypto everywhere Visa debit cards are accepted, worldwide: Coinbase cardholders can spend directly from their Coinbase accounts without having to move funds to their bank accounts. Cryptocurrency is converted to US dollars prior to completing purchases and ATM withdrawals².
- Earn up to 4% back in crypto rewards: Earn rewards using cryptocurrency through daily spending. At launch, customers can opt to earn 4% back in Stellar Lumens (XLM) or 1% back in Bitcoin (BTC).
- Card management: Manage spending and rewards preferences directly through the Coinbase app³. Customers can opt to spend stablecoins like USD Coin or other specific cryptocurrencies with the touch of a button.
Coinbase Card is currently available to customers in nearly 30 countries, including the UK and across Europe. The rewards program will initially only be available to customers in the U.S. Coinbase noted there is no issuance fee for the card; however, cryptocurrency conversion fees may apply. Customers in the US can join the Coinbase Card waitlist here.
