San Francisco-based crypto exchange and wallet provider Coinbase has partnered with card issuer PaySafe for the launch of its own VISA debit card.
Dubbed Coinbase Card, the card will be associated with a users Coinbase account via a separate Coinbase card app that is available for both iOS or Android. The cards can be used to withdraw cash at any VISA-supported ATM’s worldwide and make point-of-sale (POS) payments with either ‘chip and pin’ or contactless technology.
With the Coinbase Card app, users can view their receipts and transaction history as well as see information on their spending patterns sorted by category. Initially, the card will only be available to customers in the United Kingdom but there are plans to expand into Europe.
Crypto Debit Cards
The card follows a string of other suppliers who have launched cryptocurrency debit cards over the past few years but is the first time such a well-established entity in the sector has released such a product. Unlike many previous Bitcoin debit cards, the Coinbase Card doesn’t require users to ‘top-up’ currency first and just draws funds directly from a users crypto wallet.
Customers will be able to use the card to instantly spend any cryptocurrency that has a similar market cap value to Bitcoin (BTC). These include Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).
The initial UK-based Coinbase card charges no fees for payments made in British pounds (GBP), with minor fees (0.3%) for Euro payments and 3% fees for international payments. There is also no fee for ATM cash withdrawals made within the UK to a maximum of £200 a month, after which a one percent fee applies.
As an introductory offer, Coinbase is currently waving the £4.95 card issuance fee for the first 1,000 people to join the waitlist.
Last December, certain Coinbase customers in the U.S. were given the ability to withdraw crypto funds directly to their Paypal accounts, instantly and for free. This feature has now been expanded to include further regions, including the UK.
Users are required to link their Paypal account with Coinbase via the Linked Accounts menu item in the app. The feature doesn’t support the purchase of cryptocurrency with a Paypal account and is subject to daily withdrawal limits of $25,000 or £20,000.