Cryptocurrency exchange giant Coinbase has announced that US users can now apply to join the waitlist for its crypto-based Visa debit card. ‘Coinbase Card,’ which will work the same as any other Visa debit card on the market will permit users to make payments and ATM withdrawals without needing to move funds to a fiat bank account.
In the announcement posted on the Coinbase Blog, it was also revealed that Coinbase Card users will get the opportunity to earn up to four percent back in crypto rewards. The announcement brings the total number of countries and jurisdictions where Coinbase Card is available to just under 30.
Crypto, meet Coinbase Card. Now in the US you can spend the crypto in your Coinbase account everywhere Visa® debit cards are accepted and earn up to 4% back in crypto rewards. Terms apply. Join the waitlist today: https://t.co/Qg7LGDqrgn pic.twitter.com/DsbeX2Qm5o
— Coinbase (@coinbase) October 28, 2020
Coinbase on a Card
Joining users across the U.K. and most of the E.U. who already have access to Coinbase Card, U.S. users can now manage their card and spending preferences directly through the Coinbase app. In addition to earning crypto rewards, which are currently exclusive to the U.S., users can also choose what cryptocurrencies they wish to spend.
The service works by instantaneously converting users’ crypto funds into U.S. dollars at the point of sale. According to Coinbase, the first approvals will be made toward the end of Q4 2020, at which point the approved users will immediately be able to use a virtual Coinbase Card before receiving their physical card within two weeks.
An excerpt from the announcement reads:
“The introduction of Coinbase Card was a significant milestone in our efforts to create mainstream adoption of crypto as a genuine utility. Today’s announcement is another step forward in the real-world applications of cryptocurrency as it enables more options for Coinbase customers in the US to utilize their holdings.”
Crypto Exchanges Evolving
You may recall that Binance also made its entry into the card issuance space in March of 2020 when it announced the launch of the Binance Card. Like Coinbase Card, this was also a Visa debit card with aspirations of being available to users around the world, albeit with the same staggered rollout due to regulatory differences across jurisdictions.
Currently, Coinbase Card is available 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, Sweden, and the UK.
According to Coinbase, U.S. users will not be charged an issuance fee, but their card usage is subject to the platform’s standard cryptocurrency conversion fees.