Coinbase (NASDAQ:COIN), the largest digital asset exchange in the US, will enable Coinbase Cardholders to incorporate the card onto both Apple Pay and Google Pay – starting this week.
According to a blog post, Coinbase is inviting “select customers” to utilize the new feature while allowing interested individuals to sign up to a waitlist. By using the Coinbase Card, a debit card, users will be able to generate up to 4% back in crypto awards (1% back in Bitcoin or 4% back in Stellar Lumens). No physical card is necessary as once you are approved the virtual card may be added to both Apple Pay or Google Pay.
Coinbase will automatically convert cryptocurrency to US Dollars and transfer the funds to your Coinbase Card (less a conversion fees) for use in purchases and ATM withdrawals. The Coinbase Card is issued by MetaBank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. The Coinbase Card is powered by Marqeta.
Coinbase cautions that purchases made with your Coinbase Card will typically result in a capital gain or loss – other than stablecoin USDC.