Interesting features of the Coinbase card includes earning cashback in crypto rewards where users can earn up to 4% back in stellar or 1% back in BTC. Initially launched last year in the UK, the crypto debit card later on expanded to Europe as well.
Coinbase can convert the cryptocurrencies into fiat almost instantly to enable faster transactions. Once the waitlist is approved the Visa debit card will be issued to customers. This would allow users to utilize the card for crypto payments and purchases online and in-store and ATM cash withdrawals.
The official announcement reads:
“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. We will continue to build upon our offerings to create the most seamless and useful ways to manage crypto investing and spending for our customers.”
Similarly to like that of Crypto.com, Visa, or the Bitpay Mastercard, Coinbase will also provide a virtual card. Users can start using the virtual Coinbase Visa card as soon as they are approved. Also, users can receive a physical card in the mail within two weeks.
The announcement has also mentioned that there will be no fee required for issuing the crypto debit card. However, a standard conversion fee might be applied.
Coinbase Card is issued by MetaBank, an insured FDIC regulated bank, powered by Marqeta. The crypto debit card is open for all U.S. residents apart from those in Hawaii.