Coinbase Launches a Debit Card With Rewards on Cryptocurrency Spendings
The largest cryptocurrency exchange platform in the United States, Coinbase, has announced today the release of a Visa debit card.
US-based customers will be able to enjoy up to four percent rewards while using their digital assets through Coinbase’s new Visa debit card called Coinbase Card, the announcement revealed. Also, Bitcoin spending will get one percent cash back.
The new Coinbase Card will be available in almost 30 countries, including the United States, the United Kingdom, and across Europe. More precisely, the card will function in Austria, Belgium, Bulgaria, Croatia, Cyprus, Denmark, Estonia, Finland, France, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
Rewards on Cryptocurrency Spendings
The card will be connected to customers’ Coinbase accounts, and they will be able to spend the funds they own without having to move the money to their bank accounts. The specific cryptocurrency asset spent by users will be automatically swapped to U.S. dollars before the purchase, or the ATM withdrawal is complete.
The reward program is only available to US-based customers at the beginning and will depend on the cryptocurrency they use. For instance, customers can get back one percent if they use Bitcoin in their purchases, and four percent is they choose Stellar Lumens (XLM).
The Coinbase app will operate as a fund manager, with all the spendings, reward information, and preferences to be managed via the application. The card itself costs around $5, and there seems to be a 2.49 percent ‘liquidation’ fee for crypto payments.
United States customers can already start applying to receive the card via the exchange platform’s app or the official website. The first approved clients will be revealed ‘this winter,’ the announcement says, and they can start spending their digital assets using the new virtual card. As for the physical one, that will reportedly arrive within two weeks.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.