It’s been said that cryptocurrency adoption will be what fuels the next crypto bull run. However, spending major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple’s XRP has long been a struggle from a practical standpoint because of their volatility and difficulty to find merchants who accept them.
This has resulted in Bitcoin and other cryptocurrencies being viewed primarily as stores of value rather than as actual currencies used for traditional means of exchange. This has left fiat currencies dominating the payments scene by default, as it just hasn’t been feasible to spend crypto, until now.
As reported by Forbes, major cryptocurrency exchange Coinbase has teamed up with VISA, one of the most popular global payments processors, to enable their customers to spend crypto as effortlessly as the money in their bank accounts.
Coinbase’s Visa-Powered Crypto Debit Card
On Wednesday, April 11, Coinbase announced the launch of their Visa-powered crypto debit cards for UK-based customers, but EU-based customers soon to follow.
We’re excited to announce Coinbase Card, a Visa debit card that lets UK customers spend crypto as effortlessly as the money in their bank. Available today in the UK, and in the EU in the coming months. We'll look to expand internationally later this year. https://t.co/Yf36PL57S8 pic.twitter.com/2LJRj49Y60
— Coinbase (@coinbase) April 11, 2019
The Coinbase Visa debit card, dubbed “Coinbase Card,” will allow Coinbase clients to spend their crypto balances held on the exchange in-store and online at any merchant accepting Visa. On top of that, cardholders will be able to withdraw fiat funds from ATM kiosks around the world.
The card has a £4.95 ($6.50) card issuance fee and will allow customers to pay with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple’s XRP, and other cryptos held on the exchange. All crypto payments will be simultaneously converted to fiat currency to account for volatility concerns.
What Makes Coinbase Card Different From Other Crypto Cards?
The Coinbase Card is the first debit card to link directly with a major cryptocurrency exchange in the UK and EU, and thus offers users an easy and seamless experience for spending crypto.
Per the Coinbase announcement via blog post, Coinbase UK CEO Zeeshan Feroze said:
“Customers can use their card in millions of locations around the world, making payments through contactless, Chip and PIN, as well as cash withdrawals from ATMs. When customers use their Coinbase Card, we instantly convert crypto to fiat currency, such as GBP, which is used to complete the purchase.”
The Coinbase Card is currently only available to customers in the UK, but Coinbase has plans to support other European countries in the coming months.
Coinbase users can easily choose which cryptocurrency they would like to use on the card via a new app. The app also features account management options such as instant receipts, transaction summaries, and spending categories to better help users manage their money.
Therefore, the Coinbase Card is set to be a real contender with other crypto cards, and will help spur the widespread adoption of cryptocurrencies, potentially contributing to the next big crypto bull run.
Will the Coinbase Card become widely adopted among the mainstream or used only by those in the crypto community? What other forms of cryptocurrency adoption and usage developments do you know of? Let us know in the comment section below.