Coinbase has partnered with Visa, and have released a Visa debit which allows customers residing within the UK to spend their Cryptocurrencies that are linked to their Coinbase accounts.
This was stated on their news blog post on Wednesday, stating that the Customers will be able to use the Coinbase Card to spend their cryptocurrencies, “as effortlessly as the money in their bank”. They further have stated:
Customers can 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, we instantly convert crypto to fiat currency, such as GBP, which is used to complete the purchase.
The blog also mentions that they also will be launching an App for the Coinbase Card for IOS/Android, which will allow users to customize on how they would like to fund their Coinbase card, as well as “instant receipts, transaction summaries, spending categories, and more”.
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.
In celebration of the release, Coinbase is running a special promotion for the first 1000 customers, by waiving the card issuance fee of £4.95. This is the first debit card to link directly with a major cryptocurrency exchange in the UK, allowing users to spend their crypto balances direct from their Coinbase account.The Coinbase Card is currently only available in the UK but in their statement have plans “to support other European countries in the coming months”.