Coinbase is set to provide millions of UK users with the ability to effortlessly spend crypto around the world with the launch of the Visa-powered Coinbase Card.
The announcement was made via a Medium post by Zeeshan Feroz, the CEO of Coinbase.
The announcement reads: “We’re excited to announce the launch of Coinbase Card, a Visa debit card that lets customers in the UK spend crypto as effortlessly as the money in their bank.”
Coinbase Card will be powered by users’ Coinbase accounts and will give them the ability to pay in-store and online using popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and more.
The announcement states users will be able to spend crypto in “millions of locations around the world”.
Transactions will be facilitated through contactless and chip and pin as well as via cash withdrawals from ATMs.
Coinbase announced that when customers use the card, their crypto will be converted into fiat – such as GBP – to complete purchases and transactions.
To help customers with managing their funds, the exchange has also launched the Coinbase Card app, which will allow users to choose which of their crypto wallets they wish to fund their Coinbase Card spending.
The app will reportedly offer instant receipts, transaction summaries, spending categories, and more.
There will be a £4.95 issuance fee. However, to celebrate the launch of Coinbase Card, the issuance fee will be waived for the first 1,000 users to join the waiting list.
Customers can download the iOS or Android app today and securely link it with their Coinbase account. Once linked, your Coinbase balance will be “immediately available”.
This is the first debit card to link directly with a major cryptocurrency exchange in the UK and EU.
Coinbase Card is currently only available in the UK. However, Coinbase has stated it has plans to support other European countries in the coming months.
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