Coinbase launches crypto debit card in the US with 1% Bitcoin reward

Major cryptocurrency exchange Coinbase announced today that its customers in the United State can now join a waiting list to acquire a Coinbase card, which is a Visa debit card, which facilitates its customers to spend crypto for payments and purchases. online and in-store, anywhere Visa is accepted. The Coinbase card now available in Europe can also be used for ATM cash withdrawals in the America Coinbase has called this new feature the easiest and fastest way to spend your cryptocurrencies around the world.

 

Crypto debit card
Crypto debit card

The Coinbase card would not be the first to allow users to spend cryptocurrency on purchases, as several other debit cards around the world already offer the same crypto payment option. However, these services often require customers to add funds to the card in order to make payments with it.

But according to Coinbase, the new card would cut out the middlemen and instead fund the card directly from the user's Coinbase account. Additionally, the Coinbase card supports nine currencies and also converts them to US dollars before completing purchases and withdrawals at ATMs. The Coinbase card also features a rewards scheme, where the rewards will be available to US-based customers only initially and will depend on the cryptocurrency used. For example, customers can get back 1% if they spend bitcoins and 4% if they choose Stellar Lumens (XLM).

 

US customers with a verified Coinbase account will be able to use the Coinbase card, however, the company has not made its new Card feature available to Hawaii-based customers. Coinbase stated that it would not charge an issuance fee for the card, but would apply standard cryptocurrency conversion fees, which will be shared during card registration.


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Recently, payment giant PayPal had announced that by 2021 its users would be able to hold, buy and sell cryptocurrencies such as BTC, ETH, and LTC that PayPal customers can use to make purchases from merchants on its network.


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