Coinbase, one of the world’s biggest crypto exchanges, has recently launched a Visa debit card for their United Kingdom-based customers, which would be powered by their Coinbase accounts’ crypto balances.
These cards can be used to pay in-store and online with cryptocurrency. The users can produce this card at any store that accepts crypto, to purchase any item that they want. Coinbase has released the Coinbase card app for iOS and Android, that helps customers choose and manage the wallet that is linked to their Coinbase card. It supports all digital assets listed on the Coinbase platform.
The app also helps users access receipts, transaction summaries, spending categories, and other features. They can also switch between multiple wallets to fund their Coinbase card. However, it is only available for customers in the U.K. for now. It has been issued by, authorized and regulated as an electronic money institution Paysafe Financial Services Limited.
We have previously spoken about the benefits of having a card such as this, which allows you to make conveninent purchases by paying in digital currencies. This is also not the first such initiative from Coinbase.
Back in July 2018, Coinbase introduced an innovative way for the customers to purchase retail goods and services using cryptocurrency. Such transactions were made possible due to the new partnership agreement of Coinbase with a digital gift card setup
Coinbase had integrated its wallet services with a London based online gift card platform, WeGift. After entering into an agreement with WeGift, it (Coinbase) sllowed purchasing gift cards by using the cryptocurrency stored in the Coinbase wallet. As of now, it supports exchange medium like bitcoin, litecoin, bitcoin cash, and ethereum and as time rolls by more exchanges will be integrated into the system.