Card folds – Shift’s Coinbase-powered debit card ‘to cease operation’

A Visa debit card that allows Coinbase users to spend Bitcoin will fold in April, it has been reported.

An email purported to be from Shift announcing the closure was posted on Reddit this weekend.

It said: “We hope you enjoyed using the Shift Card and truly thank you for your loyalty.

“We, unfortunately, will be retiring the program in April of this year.

“All Shift Cards will be officially deactivated on April 11, 2019. Don’t worry, your Shift Card will continue to work until that date.

“Feel free to email support@shiftpayments.com if you have any questions and we’d be happy to answer.

“We hope to relaunch the program and issue new cards in the near future. Thank you for your patience!”

Shift has been contacted for a comment.

One Twitter user wrote: “This stinks as this card was very useful. Hoping they do make a comeback.”

Rise of the crypto cards

Crypto-powered credit and debit cards are growing in popularity. Buying with credit and debit cards is now becoming one of the most-used and convenient ways to purchase cryptocurrency.

Advances in technology and companies redefining their platforms have made issuing the cards much easier.

The issue of chargeback has been reduced through anti-fraud companies, allowing more and more exchanges the ability to offer this type of payment method.

In January, Binance announced that it will enable debit and credit card payments for cryptocurrencies through a new partnership with payment provider Simplex.

The move is in line with the exchange’s larger mission to increase the adoption and mainstream accessibility of crypto.

Users will now be able to use Visa and MasterCard to buy Bitcoin, Ethereum, Litecoin, and Ripple and start trading on Binance.com.

Changpeng ‘CZ’ Zhao, CEO of Binance, said he wants “to provide Binance traders with fast and easy access to crypto in the most secure way possible”.