Coinbase Card, the visa debit card that allows Coinbase users to make payments, purchases, and ATM withdrawals with their digital currency, will be launching in the United States this winter. The United States Coinbase Card offering is unique from the version of the Coinbase Card that launched in the European Union and the UK in April 2019 because the US offering allows users to earn between 1-4% back in crypto-rewards.
“Industry trends illustrate increased consumer activity,” said Coinbase spokesperson Crystal Yang. “Now Coinbase is taking mainstream adoption of crypto one step further by introducing Coinbase Card in the U.S.”
Coinbase says that users will be able to manage their card directly from the Coinbase app and can choose whether they want their card to be linked to their stablecoins or other digital currencies that they hold in their Coinbase wallet.
At the moment, US residents can join the waitlist for the Coinbase Card; and Coinbase says that the first wave of approvals will go out in winter. As soon as a user is approved they can start reaping the benefits of the Coinbase card via a “virtual card” that Coinbase is offering, but two weeks after they are accepted the user will receive a physical card in the mail.
The Coinbase Card will give digital currency holders that live in the United States an easy way to use their digital currency for consumer payments without jumping through any hoops or hurdles. The Coinbase Card experience will be the same as the fiat debit or credit card that consumers are currently familiar with, which makes it easy to onboard new users.
Is it shaping up to be a big year?
In July, rumors began circulating that Coinbase is preparing to IPO on a United States stock exchange. According to reports, the Coinbase IPO is expected to hit the market in either late 2020 or early 2021. Coinbase is allegedly looking to become publicly traded by doing a direct listing rather than an IPO.