Coinbase launches Crypto debit card with 1% reward on BTC spendings

The U.S. consumers will earn 1% reward on BTC spendings with Coinbase’s new Visa debit card. The firm has opened a waitlist for U.S consumers.

By · Oct 29, 2020 . 5min read

Coinbase launches Crypto debit card latest news

Crypto payments are gaining momentum, as giants such as PayPal and JP Morgan show more concern in the sector. The largest U.S.-based cryptocurrency exchange, Coinbase, is now formally entering the race. Coinbase declared the launch of a Visa debit card, enabling consumers to spend digital assets for daily purchases. Coinbase has opened up a waitlist for U.S. consumers who want to get the card. It will commence sharing them in the first half of next year.

Coinbase debit cards in America

Coinbase intends to launch its Visa-powered debit card, which will highlight crypto payments, A.T.M. cash withdrawals, and up to 4% rewards on certain tokens. The card is previously accessible in almost 30 countries. It includes the U.K. and over Europe. Coinbase card doesn’t need users to connect to a bank account. Instead, users can spend straight from their Coinbase accounts. Crypto convertibility to USD is available on each transaction, before executing the purchase or the A.T.M. withdrawal.

The card will be available for all the U.S. residents, except for Hawaii, with verified accounts. MetaBank will distribute the cards. MetaBank has a Visa U.S.A. Inc. license to issue debit cards. The card would be powered by payments processor Marqeta. Active spenders can get up to 4% of their expenses back in Stellar Lumens (X.L.M.) or up to 1% in Bitcoin (BTC). The rewards will be available for US-based consumers only initially and will rely on the usage of cryptocurrency.

Moreover, the Coinbase app will act as a fund manager. Complete spendings, reward details, and preferences will be controllable via the app. U.S. consumers can start applying to obtain the card via the exchange’s app or the website. The first authorized clients will be declared this winter. After the list is out, they can commence paying with a virtual card. The physical one will be available in two weeks. Furthermore, Coinbase rival Binance recently launched its crypto debit card in the U.K. and Europe through its acquisition of crypto card company Swipe.

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