Cryptocurrency exchange Coinbase announced that they had launched a new Visa debit card, Called Coinbase Card which allowed users to spend their cryptocurrencies, around the world.
While several debit cards for cryptocurrencies have already been a part of the scene, with Coinbase entering the playground, it will pose a serious competition to other exchanges, such as Binance, which has its own credit cards.
Earlier this year, the Chief Executive Officer (CEO) of Binance, Changpeng Zhao, popularly known as CZ had said, “We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible. Partnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally. On Binance.com, you can now buy crypto with credit cards and start trading in minutes.”
Users would be able to utilize Visa or Mastercard to buy cryptocurrencies, thanks to Simplex. Currently, the cryptocurrencies that users can buy through credit cards include, bitcoin, ethereum, litecoin, ripple, to name a few.
Coinbase users living in the United Kingdom will be able to apply for the card, at the moment. The exchange said, “Currently, the daily spending limit is £10,000. Feel free to contact [email protected] if you would like to change your daily spending limit. Additionally, there’s a monthly purchase limit of £20,000 and a yearly purchase limit of £50,000. There is a daily ATM withdrawal limit of £500.”
It further stated that all the personal information of a user such as Passwords and OAuth tokens are stored using bank level AES-256 encryption on the servers. In addition, all traffic goes over SSL to prevent third parties from eavesdropping on a user’s connection.
Coinbase, in its website said that a user can choose which cryptocurrency to pay with, and it takes just a few seconds to switch between bitcoin, ethereum and more.
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