The UK were the first to receive the new Coinbase Visa Debit Card earlier this month and it now looks like the U.S. will shortly benefit from the added feature.
The announcement was made during a live AMA session on YouTube, May 16 by Coinbase CEO, Brian Armstrong. The 30-minute session covered several areas from questions fielded by community members. Armstrong discussed some of the company’s current initiatives which include pushing USDC into areas like Venezuela.
On the topic of the U.S. debit card release, although Armstrong didn’t confirm a specific date, he did state it is in progress and should be here sooner than later. The Coinbase CEO also stated that the current launch in the UK has started very well and forms part of a larger vision in creating ‘real world utility’ and will help grow the crypto economy.
In using the Coinbase card and products like this, Armstrong envisions a future of decreased price volatility especially as mass adoption and mass utility takes root.
The Coinbase Card
The new Coinbase card links the customers’ crypto balances held on the Coinbase platform with their debit cards. Upon payment the crypto holdings are converted into the fiat currency in order to complete the transaction. A small fee is also applied per transaction.
Users can make payments like a usual debit card. Contactless functions are enabled, chip & pin and ATM cash withdrawals have also been enabled and users can use the Coinbase card app to manage their funds.
The cards are issued by Paysafe Financial Services Limited which is a U.K.-based financial services firm and regulated by the Financial Conduct Authority (FCA).
The company explained :
‘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 card will have a have a maximum daily spend of £10,000 ($13,000 USD) and withdrawal limit of £500 ($650). A 2.49% fee will be applied to transactions whilst ATM withdrawals of up to £200 ($260) per month will be free. The Coinbase card also provides users access to transaction records and receipts on purchases.