In a major breakthrough, Coinbase announced the launch of a VISA debit card in the United Kingdom on 10th April 2019.
Since the card is VISA enabled it can be spent in millions of location accepting VISA enabled PoS (Point of Sale) payments. It can also be used to withdraw cash from the ATMs. Hence, facilitating the instant conversion of crypto to FIAT currencies. The balance of all cryptocurrencies in the Coinbase Account will be used to spend through the card this includes Litecoin [LTC], XRP, Stellar Lumens [XLM], Bitcoin Cash [BCH] and six other cryptocurrencies available on Coinbase apart from Bitcoin.
According to the blog post, the Coinbase customers can now pay through all cryptocurrencies available on Coinbase; “they can pay for a meal with Bitcoin, or use Ethereum to fund their train ticket home.”
Coinbase Card App
To avail the card, Coinbase users in the UK must download the new Coinbase Card App which is available both on Android and iOS. A virtual card will be issued instantly after completing the registration process. The contactless card will be sent via post by the firm later. Moreover, the card can now be linked to the main Coinbase Account to enable crypto-spending anywhere.
The Card issuance fee is 4.95 euros (or $5.58 at the current exchange rate). Moreover, Coinbase has announced the waiver of this fee for its first 1000 debit card customers.
The card is currently being issued only in the UK. However, the firm has confirmed that it will soon be available in the European Union in the coming months. The card is issued by the Paysafe Financial Services Limited, which is authorized by the Financial Conduct Authority for issuing of electronic money and payment instruments.
With this, Coinbase becomes one step closer in building a global banking system built on cryptocurrencies. Coinbase Card is expected to be used by millions of customers because of the trust and reliability of the Crypto Giant firm.
Which other Custodial Firms and Wallets will release VISA and MasterCard enabled cards next? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com