Friday, April 19, 2019

Coinbase Launches Cryptocurrency Visa Debit Card for UK Customers

Bitcoin, Ethereum, XRP, and other cryptocurrencies have become a part of people’s daily lives. They can be used to shop online and offline, and now, Coinbase, a U.S. based cryptocurrency exchange has added icing to the cake. On April 10, it announced its launch of a cryptocurrency Visa debit card that can be used by people in the UK to make purchases.

Coinbase Visa Debit Card Launched for People in the UK

Per the report, a Coinbase Visa debit card has been launched for people living in the UK. The card can be used just like the usual credit card to pay for goods and services online and offline. Cash withdrawals from an ATM can also be made with it. However, the funds this time around, will not be deducted from a bank account but from the holder’s cryptocurrency account on Coinbase.

That being the case, Bitcoin, Ethereum, XRP, Litecoin and any other cryptocurrency that is supported by the virtual currency exchange can be used to make payments in millions of locations. In this case, Coinbase instantly converts the virtual asset to fiat currency, such as GBP (British pound) in order to facilitate such transactions.

Customers to Download Card App for Android and iOS

A customer will, therefore, have to download a Coinbase Card app for Android or iOS. The app can be paired to the customer’s account on the exchange and linked to the debit card. As such, they can use the app to select which wallet (Bitcoin, Ethereum, etc.) should cater to their expenses.

With the help of the app, “instant receipts, transaction summaries, spending categories” and other transaction details pertaining to the card will be evident. In comparison with the former feature which was launched by the exchange, people had to preload the amount of crypto which they will like to spend on the card. This time around, funds held in any wallet selected can be spent.

First 1,000 People to Obtain Card Without Issuance Fee Levied

More news in that direction reveals that the exchange is willing to wave aside the
£4.95 ($6.48) card issuance fee for the first 1,000 people who join the waiting list to obtain the debit card. The U.S. company also outlined that soon, support will be provided for other regions in Europe.

The card, on the other hand, is issued by Paysafe Financial Services Limited which Coinbase says is “authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011(FRN: 900015) for the issuing of electronic money and payment instruments.”

The move by the digital currency exchange can be likened to 2gether, a banking startup which in March launched a prepaid Visa debit card. The latter allows users to spend Euros alongside Bitcoin, Ethereuem, XRP, Bitcoin cash, EOS, Stellar and Litecoin.

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