US-based Cryptocurrency exchange giant Coinbase has announced the launch of its visa powered Debit card to UK customers.
Coinbase card lets customers spend Cryptocurrencies like Bitcoin, Ethereum, Litecoin and XRP in ” in millions of locations around the world”. Customers will be able to now pay in store and online using Crypto, initially, the exchange has rolled out its product for UK customers but plans to soon expand to other European countries.
The way that it works is that the customer’s account will be linked to their exchange accounts where Coinbase would convert the Crypto asset into fiat currency instantly, unlike other existing cards, which require customers to pre-load a specified amount of Cryptocurrency.
Customers will be charged a fee of £4.95 card initially as issuance fee (waived off for first 1000 customers). Transactions will also be subject to a 2.49 percent fee (1.49 percent cryptocurrency conversion fee + 1 percent transaction fee), UK customers will be able to withdraw up to £200 for free every month without any incurring fees.
We’re excited to announce Coinbase Card, a Visa debit card that lets UK customers spend crypto as effortlessly as the money in their bank. Available today in the UK, and in the EU in the coming months. We'll look to expand internationally later this year. https://t.co/Yf36PL57S8 pic.twitter.com/2LJRj49Y60
— Coinbase (@coinbase) April 11, 2019
Coinbase UK CEO, Zeeshan Feroze writes:
“To help customers manage their spend, we’ve also launched the Coinbase Card app, which enables customers to select which of their crypto wallets they will use to fund their Coinbase Card spending. Coinbase Card supports all crypto assets available to buy and sell on the Coinbase platform, meaning they can pay for a meal with bitcoin, or use ethereum to fund their train ticket home. The app also offers instant receipts, transaction summaries, spending categories, and more.”
Cryptocurrency exchanges are in serious Buidl mode, to survive the longest Crypto winter, exchanges have been launching new and innovative products and services. The most well-known exchange Binance has released the beta of its own DEX (Decentralised Exchange) and has also helped projects raise funds using its Launchpad platform.
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