Coinbase has announced that it has launched a debit card that would allow U.S. customers to send funds directly from their accounts on the platform.
According to the crypto exchange, users who wish to get the new debit card should apply to join a waitlist. Notably, Coinbase partnered with a renowned payments platform, Visa, to launch the debit card across the U.S.
Coinbase further said that the new crypto-based Visa card would allow traders to make payments and make ATM withdrawals without the need to send them into a fiat account. With this news, the U.S. joins about 30 countries across Europe to access this new service.
Coinbase Card users would have full control over their debit cards
In the announcement posted on the crypto exchange’s official blog, it said that users of the new Coinbase Card would be eligible to get rewards of up to 4% in digital assets.
This recent announcement means that the Coinbase Card is now available in close to 30 countries. Furthermore, the report also said that users would have full control over their Coinbase Card like it has been done across the United Kingdom and Europe.
Also, users would be allowed to manage their card and spending choices via the Coinbase app. Apart from rewarding users for using their cards in the United States, they will also be allowed to choose the digital assets they wish to spend.
To make this achievable, Coinbase said all crypto funds in the user’s accounts would be automatically converted into U.S. dollars at the point of sale. Coinbase has also mentioned that the first set of approvals would be granted towards the end of this year.
After the approvals, users who scale through the approval process would be given a temporary virtual card before receiving their physical Coinbase Card in the space of 14 days.
Coinbase labels move a step into the real-world application of crypto
Coinbase, in its statement, labeled the new development a step into real world application of digital assets.
“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 U.S. to utilize their holdings,” Coinbase said.
Notably, Binance announced around March 2020 that it has started to issue its customers’ the new Binance Card. The launch, however, had its challenges as Binance was aware of regulatory differences across jurisdictions.
Currently, Coinbase Card is present in European nations such as Austria, Belgium, Bulgaria, Croatia, Cyprus, Spain, Portugal, Luxembourg, Netherlands, Hungary, Greece, Norway, Poland, amongst others.
The Coinbase Card is also present across the United Kingdom. To finalize its blog post, Coinbase said that is users across the United States would not be charged an issuance fee, and the card usage is subject to the platform’s standard use.
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