Crypto Exchange Coinbase has released a VISA debit card enabling customers in the UK and EU to spend their digital currencies instantly from their Coinbase accounts.
The popular crypto exchange has declared the news in a blog post on Wednesday, mentioning that the “Coinbase Card” customers will be able to use their Bitcoin (BTC), Ether(ETH), Litecoin (LTC) and various other cryptocurrencies just like they use money in the bank.
Earlier Coinbase has teamed up with Apto payments, earlier known as Shift Payments, which ran its own shift card, enabling users to spend from their Coinbase account in the U.S. Before two months, Swift suddenly withdraw the program with very little explanation.
Zeeshan Feroz, who is the head of Coinbase in the UK said that there was currently “no timeline” about the new card’s release in the US. He said that the European version will be released this year.
He added, “We want to launch in the UK first, just to get a sense of the reaction, to get the product right, and then move into more markets.”
Coinbase mentioned that it will “instantly” convert digital currency into a fiat currency, like British Pound (GBP), as soon as customers complete their transaction with the help of debit card.
The card supports all the types of digital currencies which are available on the Coinbase platform, and customers can use currencies for daily purchases like the meal, ticket-booking, etc., as per the announcement.
As there are a wide number of products which supports cryptocurrency, customers have to first pre-load a particular amount of cryptocurrency in the card in order to spend, Coinbase stated.
Crypto Exchange has released an app for the card on Android as well as iOS platforms. Customers can safely link their Coinbase account on an Android or iOS app. After linking your account, crypto balance on the Coinbase will be instantly available for use via the virtual card and the Contactless card will be sent by post.
The app allows customers to select which crypto wallet they will use to fund their spending. The app also provides receipts, transaction summaries, and spending categories.
In order to celebrate the launch of the card, for first 1000 customers who join the waitlist, it will waive the card insurance fee of £4.95 ($6.48). Each transaction will charge 2.49% on purchase which means there is 1.49% of conversation fee and 1% transaction fee.
The chargeback processing fee is more as it costs £20. However, there is no maintenance fee, no additional charge for ATM withdrawals only if you withdraw £200 per month.
PaySafe, popular payment processor is the UK is the issuer of the cards, one Coinbase spokesperson said. Apto Payments is developing Coinbase Card app.