Staying relevant in the crypto market can be somewhat challenging, especially with the fierce competition that grows on a daily basis. Despite being considered one of the biggest and most important crypto exchanges, Coinbase still finds ways to surprise us all and develop products that put the company at the top of the market. Coinbase is perhaps the biggest cryptocurrency exchange in North America, but it seems that is now looking to enter into alternative markets elsewhere, focussing on its presence in the United Kingdom, and therefore the rest of Europe.
Many other major crypto exchanges have already quite a big presence in the European market, and this has made it difficult for Coinbase to compete outside the US. This is perhaps the reason behind the launching of a new product in the UK, a VISA debit card for users within the country that can be used with crypto funds instead of fiat. According to Coinbase, users will be able to pay for goods and services using Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies that are currently accepted by Coinbase. The card will work like any other debit card, and can be used contactless, with Chip and a PIN. It is expected that users will also be able to withdraw money from ATMs using crypto funds.
Coinbase has also developed its own app, allowing users to keep track of expenses and funds of their Coinbase debit card, making it possibly for them to control which crypto they want to use to make payments. Within the app, instant receipts are also created and the issuing of financial statements are also generated. The app will be available on both IOS and Android. According to Coinbase, this is the first VISA debit card that is directly linked to a crypto exchange within the United Kingdom and with a possible reach to the European Union.
The reasoning behind Coinbase choosing the UK to launch its product varies from side to side. One could be the fact that residents of the UK and Europe, in general, are more familiarized with performing payments through the usage of debit cards and contactless tech such as Apple pay or Android pay. Another reason behind the launching of this product is perhaps regulations, which makes it easier for Coinbase to launch a test product without going through extensive and difficult processes like the ones the US regulators have imposed to the financial sector. One thing is certain, we are getting closer to cryptocurrency adoption on a global scale.
