Coinbase And Visa Are Making It Easier To Make Payment With Bitcoin, Ethereum, Ripple And Litecoin.
Coinbase is launching the Coinbase Card which allows users to “spend crypto as effortlessly as the money in their bank.”
Coinbase is hoping its Visa debit card gets people using bitcoin and other cryptocurrencies for real world spending.
The Visa debit card, which has a £4.95 ($6.50) card issuance fee, can be used to spend Coinbase bitcoin, ethereum, Ripple’s XRP, and litecoin balances “in millions of locations around the world,” by converting the cryptocurrency to fiat when the card is used—the merchant or store gets paid in traditional fiat currency.
Coinbase users can choose which cryptocurrency is used on the card through a new app which supports all crypto assets available to buy and sell on the Coinbase platform. The app also offers instant receipts, transaction summaries, and spending categories, to help people keep track of their spending.
“This is the first debit card to link directly with a major cryptocurrency exchange, allowing people to spend their crypto balances direct from their Coinbase account,” Coinbase said in a statement, announcing the launch of the card. “Previously available crypto cards required users to pre-load a specified amount of crypto onto their card, adding a point of friction to the process.”
The Coinbase Card is currently only available in the U.K. but the San Francisco-based exchange, which was valued at $8 billion in October, plans to roll out support in other European countries in the “oncoming months.” There are no plans yet for support outside of Europe.
Article Source: Forbes
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