Coinbase Rolls Debit Card For Crypto Supporters

Cryptocurrency fans in the US will soon have their own debit card for holiday shopping.

Coinbase announced on Wednesday (October 28) that it is opening a waiting list for U.S. consumers interested in applying for their new Coinbase Card, a Visa debit card that enables consumers to use their Bitcoin or other crypto holdings to shop online and in stores, in addition to converting their cryptocurrencies into cash at the ATM machine.

The good news is that the new Coinbase Card handles all the transitions itself, swapping whatever cryptocurrency consumers have in their accounts to US dollars before completing purchases or ATM withdrawals, the company said.

The new Coinbase Card also includes “crypto rewards” of as much as 4 percent back in Stellar Lumens (XLM) or 1 percent back in Bitcoin (BTC), with the rewards program limited to ‘ r US initially.

The arrival of the Coinbase Card to the US market comes after a global push that has seen Coinbase launch the crypto card in just under 30 countries, including the United Kingdom and across Europe.

U.S. customers can apply for the new crypto debit cards through the Coinbase app or on its website, with the first customers to get approved over the winter, the company noted in a blog post.

A virtual card will be the first to arrive – and can be used immediately – followed by a physical card in roughly two weeks.

The launch of the new Coinbase Cards comes amid growing signs that cryptocurrencies are moving more into the mainstream.

“The introduction of the Coinbase Card marked a significant milestone in our efforts to create mainstream crypto adoption as a legitimate utility,” Coinbase noted in a blog post announcing the upcoming launch of its crypto card in the United States. “Today’s announcement is another step forward in real-world cryptocurrency applications as it allows Coinbase customers in the US more options to use their holdings. We will continue to build on our proposals to create the most seamless and useful ways to manage crypto investment and spending for our customers. “



About: The PYMNTS Subscription Bundling Report, surveyed a balanced panel of 2,962 US consumers to gauge how their attitudes towards bundled subscription services have changed during the pandemic, especially those offered by streaming-based companies. The report also explores how the information that the COVID-19 vaccine will soon be available across the US may affect their perceptions.