Coinbase, the US’s largest crypto exchange which trying very hard bring back the shine and improve adoption of cryptocurrencies, has moved forward with its next logical step. The exchange has launched the Coinbase Visa Debit Card to be used to pay in millions of outlet and online stores worldwide with cryptocurrency.
The card initially will only be available to United Kingdom-based customers and will be powered by Coinbase account crypto balances. On request of payment by the merchant, Coinbase will instantly convert the customer’s cryptocurrency funds into traditional fiat currency and pay the retailer to complete the purchase.
Customers will only able to use Bitcoin, Ethereum, Ripple and Litecoin balances for their crypto payments. The exchange has also released a Coinbase Card app, that will link customer’s Coinbase account and choose the particular wallet to fund their Coinbase card. The app will provide receipts of the transactions, transaction summaries and spending tracker to keep people track of their spending.
This is one of the first types of crypto debit card that links to a major cryptocurrency exchange and allows direct spending from their account. In the previous version of the crypto debit card, the user had to pre-load a specified amount of crypto on to their card, making it less efficient.
The card is issued and regulated by electronic money transfer giant, Paysafe and has plans to launch in other parts of the European region with no plans of expanding outside Europe.
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