Ready to pay for your groceries with crypto?
Coinbase started developing its own debit card months ago, and finally launched its product in the UK back in April. Demand surpassed the expectations the company had set for the project, with over 1,000 cards issued to customers for free within the first few weeks of launching. With a successful testing period in the UK, Coinbase has decided on expanding its VISA debit card service to other countries in Europe. According to a report from CNBC, the crypto exchange will launch the crypto debit card in Spain, Germany, France, Italy and the Netherlands.
The crypto debit card will enable Coinbase users to spend cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH) in stores and online at any merchants that take VISA as a payment method. According to Zeeshan Feroz, Coinbase U.K. CEO:
The goal of the card is to make payments with digital currencies as seamless as paying with cash… You can buy groceries on bitcoin and then coffee on litecoin right after.
To get the Coinbase Card, Coinbase users must first download the iOS or Android app and sign in using their Coinbase account login information. Once users request the Coinbase Card, customers will join the waitlist. After the waitlist closes, the crypto balance held on Coinbase will immediately be available to use through the in-app virtual card, and the contactless Coinbase Card that will be sent to people registered.
The physical contactless card can also be used to withdraw cash from ATMs. Users will be able to select which cryptocurrency they want to use to make the payment with. It is important to know that users won’t be paying retailers with cryptos directly, instead Coinbase will convert crypto to fiat in real time, charging a fee, and making it possible for people to spend crypto. The fees associated with each transaction are described here.
The Coinbase Card will introduce new features in the upcoming months and will be offered in more countries.