Today, Coinbase released the Coinbase Card for US users, giving them the opportunity to join the waitlist. The Visa debit card will be used to make payments and purchases as well as ATM cash withdrawals. In addition, the card also introduced new opportunities to earn crypto rewards of up to 4% of your spending.
Coinbase Card Payment
The move to implement a Coinbase card facilitates crypto shopping globally across any location where a Visa debit card is accepted. Coinbase cardholders will be able to spend their Coinbase funds directly without the need to transfer them to their bank accounts.
The Coinbase and Visa partnership will facilitate both card purchases and ATM withdrawals in US dollars. This is made possible by converting cryptocurrencies to US dollars before any transaction.
Coinbase card awards its customers through their daily spending by offering rebates for all purchases. Soon, users will able able to opt for a 1% rebate on Bitcoin (BTC), as well as a 4% cashback on Stellar Lumens (XLM).
Coinbase also introduced a way to manage card transactions. Using the Coinbase app, users can monitor rewards and payments spent using the card. The app also enables users to choose their preferred cryptocurrency for all spendings.
Coinbase also states that crypto conversion fees may still apply,
How to Get a Coinbase Card
To access the Coinbase card, you will need to apply to the Coinbase Card webpage and make sure that you are eligible. The first batch of eligible customers is set to be unveiled this winter.
Upon successful approval, customers will receive their Coinbase card after two weeks by mail. Since there is no issuance fee, users don’t have to pay for the card.
Is the Coinbase Card Available Globally?
The Coinbase card launch is in progress across different regions of the world. As of today, it’s already available in almost 30 countries, amongst them are Europe and the UK.
The adoption of digital currencies among several major companies like Paypal and MicroStrategy has helped established cryptocurrencies as a genuine mode of payment. This has also led to significant growth in the crypto community. Today’s announcement appears to be another major step in terms of “genuine utility.”