Coinbase released an announcement asking US customers to enroll into the waitlist for its debit visa card. Coinbase card will allow customers to spend their cryptocurrencies at any place that accepts a visa card. The exchange urged users that it would be the fastest means for spending crypto in the world. In the past, the visa card was only available across Europe.
According to the announcement, customers were going to execute transactions without having to transfer their balance into bank accounts. Additionally, the customers would also be able to use the cards across ATMs and during in-store shopping. However, the merchant machines would have to convert the crypto in the card into US dollars before accepting the purchase/withdrawal.
Coinbase will Convert Crypto on Behalf of Customer
This is not the first debit card that will allow customers to spend crypto. PayPal promised to launch its own crypto-card soon. However, most of the cards in existence require users to load funds into the cards. For the Coinbase Card, customers will only have to pull funds directly from their Coinbase account. Therefore eliminating third parties. Another benefit of the card is its support for more than 30 currencies. Existing cards support just a few of these currencies.
While speaking about the Coinbase debit card, the exchange outlined they were making bold steps into implementing cryptocurrency in the world. The announcement would read:
"Introduction of Coinbase Card was a significant milestone in our efforts to create mainstream adoption of crypto as a genuine utility. Today's announcement is another step forward in the real-world applications of cryptocurrency as it enables more options for Coinbase customers in the US to utilize their holdings."
Visa Compatible Online Checkout
The Visa Card operates across all Visa-Compatible online payment checkouts, terminal or ATM. Furthermore, the card will work alongside a mobile application that will track and control your spending. Coinbase is going to liquidate your account's cryptocurrencies whenever you need to spend them. All you will need to do is select among all your cryptocurrency balances and Coinbase will initiate the transfer. You can also trade the cryptocurrencies by using famous Bitcoin Champion Software.
U.S customers will have to sign up at least two weeks earlier, to receive the debit card.
The exchange has also put in place a rewards program where US customers will choose to earn a 1 per cent back in BTC or 4 percent back in XLM. Furthermore, the exchange will not impose any issuance fee but noted there was a likelihood of applying crypto conversion fees. Note that US customers will enroll into the waitlist by applying through Coinbase web interface. Applicants will have to wait for approval by the end of this winter.
Coinbase subjected Europe Card applicants to an issuance fee. However, this time it will be different. Presently, the issuance fee sits at null in the United States. Also, the company usually charges 2.49 percent in cryptocurrency liquidation fees. However, one exception to this exists where you are charged null conversion fees when using your USDC balance. Unfortunately, if you're a US citizen in the state of Hawaii you will not be able to use the card.