- San Francisco-based crypto exchange Coinbase continues to expand its line of services and products.
- The American exchange operator's crypto debit card is now available to residents of several European nations.
One of the biggest names in the crypto ecosystem, Coinbase revealed on this Wednesday that their Visa debit card is going to be launched in six more European countries.
Notably, it made its debut in the UK this April. Since the launch, Coinbase Card users have been spending their crypto as easily as the money in their bank accounts, essentially anywhere the merchants accept VISA cards.
Spain, Germany, France, Italy, Ireland, Netherlands — spend your crypto anywhere, anytime. Coinbase Card is now available in 6 new countries. Follow @CoinbaseCard for updates and news. https://t.co/euKSlLpHAp pic.twitter.com/Gcymune503
— Coinbase (@coinbase) June 12, 2019
Easier to Spend Crypto with Debit Cards
The six new European countries where the crypto card is launched are Spain, Germany, France, Italy, Ireland, and the Netherlands and allows the user to spend cryptos like Bitcoin, Ethereum, and Litecoin. Instead of exchanging your crypto to fiat in advance, Coinbase card ensures this action is completed in real-time when you tap or insert your card.
Coinbase U.K. CEO Zeeshan Feroz when asked about what are the problems he is trying to solve with the card, he said:
“The main thing is accessibility. There are a couple of ways to spend crypto today. One can go to the stores that accept cryptos and spend it there or they can convert cryptos into fiat and then spend it anywhere. What the crypto debit card does is that it makes crypto as liquid as cash.”
Using a Contactless Debit Card
To use this feature, the customer has to download the iOS or Android app and sign in using their crypto exchange Coinbase account. Once a Coinbase Card has been requested, customers will join the waitlist. After the waitlist closes, the customer’s crypto balance held on Coinbase will be immediately available to use through the in-app virtual card, and a contactless Coinbase Card will be sent in the post.
The lucky first 1000 applicants received the card free of charge. The cost for the physical card is £4.95 in the UK and it takes 1-3 days to arrive via post.
Most people seem to be happy with the card as can be seen by the following customer reviews.
Used my @CoinbaseCard today to buy some sushi
at @ItsuOfficial paying in $ETH. It was by far the best/easiest UX I've had for any #crypto payment card. Haters gunna hate but the experience is how it should be for real mass market adoption. Bravo @coinbase
— 𝕊𝕒𝕞 𝕍𝕠𝕝𝕜𝕖𝕣𝕚𝕟𝕘 (@techinsider_sv) June 10, 2019
There are some cons of this card too, the first one being the high fees when compared to other cards. Another one is that it currently doesn’t have any online capabilities. Additionally, there are governing authorities that are raising questions that Coinbase doesn’t satisfy their anti-money laundering and “know-your-customer” regulations.