Cryptocurrency company Coinbase recently announced its grant of principle membership from Visa by launching a debit card. The Coinbase Card enables real time spending of over thirty cryptocurrencies stored in Coinbase accounts.
By launching Coinbase Card, the company moves forward with their goal to make cryptocurrency spending more common among consumers. Coinbase is the first cryptocurrency company with principle membership from the credit card giant Visa. As a principle member, Coinbase has access to Visa Direct, the payout option to receive payments instantly with a fee, and the ability to issue debit cards.
With the new Coinbase Card there is no need to liquidate cryptocurrencies. As transactions occur, the card will convert currencies into U.S. dollars for a conversion fee. Through the Coinbase app, customers can choose to earn 4% back in Stellar Lumens or 1% back in Bitcoin through the crypto rewards program. The Coinbase app features card management through managed spending and rewards preferences.
Eligible customers with a Coinbase account can now join the waitlist through the Coinbase app or website. Customers will be approved this winter and will be able to spend with a virtual card until a physical card arrives in the mail two weeks later. The Coinbase Card is available in thirty countries including the U.K. where it was first launched. As of now, crypto rewards are only going to be offered to U.S. customers and U.S. customers will not have to pay an issuance fee.
Coinbase strives for continuous growth and benefits for their customers by offering solutions in a digitalizing society. According to the company, “With our customer offerings, including Coinbase Card, Earn, Staking and USD Coin Rewards, and more, we aim to reach users across many age groups, demographics, and geographies.” With the launch of this new debit card, users will be able to spend digitalized currencies at a faster rate wherever they are.
Through the grant of principle membership from Visa, Coinbase’s new debit card will allow customers to gain more control over their cryptocurrencies. With card management through the Coinbase app and the crypto rewards program, users will spend cryptocurrencies in real time through conversion from their accounts to U.S. dollars.