With Coinbase, US customers will be able to make purchases with their Visa card starting next year
Cryptocurrency exchange Coinbase will launch its Visa debit card in the US next year. The company announced yesterday that customers could join the Coinbase card waiting list.
According to the cryptocurrency exchange, the Visa debit card is issued to customers. This would allow them to use crypto for online payments and purchases, as well as for cash withdrawals in stores and at ATMs. The Coinbase card is another way for Coinbase users to win back 4% in crypto rewards.
This isn’t the first time Coinbase has launched its debit card. The company launched its debit card for customers in the UK and Europe in April 2019. At that point, the San Francisco-based company announced that customers would be able to spend their Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and other cryptocurrencies with ease. Currently, the Coinbase card is available to customers in nearly 30 countries in Europe and the UK.
Even though customers use crypto for purchases, Coinbase instantly converts the coins to fiat currencies. This enables quick transactions. In this latest development, Coinbase cardholders can issue crypto anywhere Visa cards are accepted worldwide.
The Coinbase card offers several advantages
The blog post states: “Coinbase cardholders can spend directly from their Coinbase accounts without having to transfer money to their bank accounts. Cryptocurrency is converted to US dollars prior to making purchases and withdrawals from ATMs. “
Using cryptocurrency through daily spending can help a user earn rewards from crypto exchanges. When the card launches in the US, customers can choose to get 4% back in Stellar Lumens or 1% in Bitcoin.
Customers can also manage their spending and premium preferences through the Coinbase app. “Customers can choose to issue stable coins like USD Coin or other specific cryptocurrencies with the push of a button,” added Coinbase.
Coinbase launches its Visa card in the US a few days after PayPal announced its entry into the cryptocurrency scene. PayPal will offer tough competition to Coinbase, Square, and other cryptocurrency companies around the world. The payment giant began expanding its crypto services with its recent acquisition of BitGo.