Coinbase, the cryptocurrency exchange operator, announced Wednesday (April 10) the launch of the Coinbase Card in the U.K., which is a Visa debit card that lets customers in the U.K. spend crypto as easily as they spend money sitting in a bank account.
In a blog post, Zeeshan Feroz, chief executive of Coinbase U.K., said the Coinbase Card is funded by customers’ Coinbase account crypto balances, giving them the ability to pay in-store and online with bitcoin, ethereum, litecoin and other digital tokens. Customers are able to use the card in millions of places around the world. The card allows customers to pay for things via contactless or chip and PIN and make cash withdrawals from ATMs. When the customer uses the Coinbase Card, the crypto is instantly converted into fiat currency such as GBP.
In conjunction with the launch of the Coinbase Card, Feroz said the company is launching the Coinbase Card app, which lets customers select which crypto wallets they will use to fund the debit card. The card supports all the crypto assets that customers can buy and sell via the Coinbase exchange. The app also provides instant receipts, transaction summaries, spending categories and other features. Coinbase is waving the £4.95 card issuance fee for the first 1,000 people to join the waitlist.
“Coinbase customers can download the iOS and Android app today and securely link their Coinbase account. Once linked, the crypto balance held on Coinbase will be immediately available to use through the virtual card, and their contactless Coinbase Card will be sent in the post,” the executive said. The Coinbase Card is only available in the U.K., but the company plans to add support for other European countries in the next few months. The card is issued by Paysafe Financial Services.
The move on the part of Coinbase comes as bitcoin, the leading cryptocurrency, has been rallying in recent weeks after months of little movement in the price.