Coinbase has announced “Coinbase Card’, their Visa debit card that will be linked to users crypto accounts, enabling them to spend crypto in “millions” of locations.
The card will support many currencies including Bitcoin, Ethereum and Litecoin. There will be an app (with iOS and Android both supported) linked to the card which will enable users to select which cryptocurrency they would like to used when purchasing goods. Coinbase has announced that the first 1,000 people to apply for a Coinbase Card will not have to pay the £4.95 fee. Once the card has been received and linked to the user’s account, they will be able to use it instantly.
Whenever a transaction is in progress, the app converts the cryptocurrency to GBP to complete the transaction; it also means users will be able to withdraw cash from cash machines – a feature that will unquestionably be very useful, especially during the next bull-run.
For now, the card will only be available in the UK, but there are plans to expand it throughout Europe. The announcement of Coinbase Card is the first of it’s kind and is another step towards decreasing the need for traditional banks. Although questions have risen in the past over ethical practices of Coinbase, their major strength has always been convenience. With a large number of coins being listed, (most significantly XRP) and new coins being added more frequently, once again Coinbase has illustrated that convenience is a big factor in user cases and their Visa card may be a very welcomed addition to their services.
Coinbase app image licensed via Shutterstock