Cryptocurrency exchange major Coinbase launched Coinbase Card, a Visa debit card that lets customers spend their crypto balances direct from their Coinbase account.
The Coinbase Card is currently available only in the UK, but the exchange plans to support other European countries in the coming months.
In a blog post, Coinbase said it is the first debit card to link directly with a major cryptocurrency exchange in the UK and EU. The card is issued by Paysafe Financial Services Limited, which is authorized by the Financial Conduct Authority.
As an introduction offer, Coinbase is waiving the 4.95 pounds card issuance fee for the first 1,000 people to join the waitlist.
The new Card allows customers to pay in-store and online using bitcoin, ethereum, litecoin, and more. The Card supports all crypto assets available to buy and sell on the Coinbase platform.
The card can be used in locations around the world, making payments through contactless, Chip and PIN, as well as cash withdrawals from ATMs. When customers use their Coinbase Card, crypto will be instantly converted to fiat currency, such as GBP, which is used to complete the purchase.
The company has also launched the Coinbase Card app to help customers chose their particular crypto wallets to fund their Coinbase Card spending.
Coinbase customers can download the iOS and Android app and securely link their Coinbase account. Once linked, their crypto balance will be immediately available to use through the virtual card, and their contactless Coinbase Card will be sent in the post.
In mid-March, banking startup 2gether had announced a similar launch of a prepaid Visa debit card that allows users to spend cryptocurrencies in any of the 19 eurozone countries.