Leading U.S. cryptocurrency exchange Coinbase has announced the expansion of its crypto debit card into six new European countries, allowing more people than ever before to easily spend their cryptocurrencies.
As of today, the card will be available in France, Germany, Ireland, Italy, the Netherlands, and Spain, allowing users to easily access and spend their cryptocurrencies at any store that accepts Visa.
Coinbase Card Expands
By syncing to the Coinbase mobile app, Coinbase cardholders are able to decide which cryptocurrency they would like to use for payments, with any payments being automatically deducted from their Coinbase account balance.
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The card is designed to help cryptocurrency holders convert their digital assets to and from fiat currency, improving both the liquidity and utility of cryptocurrencies as a payment method. Beyond facilitating in-store transactions, the card also allows holders to withdraw their cryptocurrencies as cash from an ATM.
In an interview with CNBC, Coinbase U.K. CEO Zeeshan Feroz remarked on the simplicity and flexibility of the card, stating “you can buy groceries with Bitcoin and then coffee with Litecoin right after.”
The Retail Gap
The news comes just two months after opening the card to customers in the UK, indicating Coinbase is looking to rapidly expand its presence in European markets.
The move appears to be prompted by the extremely strong uptake of the card in the U.K. The 1,000 free cards Coinbase initially offered were promptly taken up by users.
Cryptocurrency debit cards are widely considered to be one of the most promising options to fill the disconnect between traditional retail and the cryptocurrency markets.
Rather than relying on retailers to natively accept cryptocurrencies, these credit cards can perform a conversion from crypto to fiat. This is either automatically executed at the point of sale, or requires users to exchange crypto to fiat in their online wallet before it becomes spendable using the debit card.
Coinbase now joins other crypto debit card rivals including Cryptopay, Wirex, and Revolut to offer its card throughout much of Europe. It should certainly help in contributing to cryptocurrency usage in these countries.
What is your opinion on cryptocurrency debit cards? Do they do enough to help promote cryptocurrency adoption? Let us know your thoughts in the comments below!