The American cryptocurrency-exchange Coinbase has launched the “Coinbase Card” for its customers in the United Kingdom, the company reports in a blog post published on 10 April.
The Coinbase Card is a Visa payment card that allows British customers with cryptocurrency to pay in stores and online. The Coinbase Card automatically converts customers’ cryptocurrency into fiat money so that it can be used to make purchases.
Currently, the Coinbase debit card is only available to UK customers, but the cryptocurrency exchange indicates in the blog post that it plans to launch the card in more European countries soon. There are currently no plans to make the debit card available outside of Europe.
The Coinbase Card supports all cryptocurrencies available on the Coinbase exchange including bitcoin (BTC), ether (ETH), xrp (XRP) and litecoin (LTC).
Coinbase has also launched a new app for the payment card for Android and iOS. In the app, customers can choose which cryptocurrency wallet they want to use to pay with. You can also view transaction overviews and spending categories in the app.
The Coinbase Card costs £ 4.95, or € 5.74. Coinbase indicates that it will remit these costs for the first 1,000 customers.
This is not the first time that a cryptocurrency debit card has been released on the market, but the big difference between the Coinbase Card and other cryptocurrency payment cards is that you don’t have to charge the card in advance. Users can directly use their cryptocurrency from their wallets.
With the Coinbase Card, Coinbase may take an important step towards the usability and adoption of cryptocurrency in the real world, showing that cryptocurrencies are not just currencies to “HODLen.”