With its value and popularity eyeing a significant surge, the crypto industry has been dipping its toes into several variations. The demand for crypto has been rising and with individuals becoming more accepting of crypto platforms part of the industry has been stepping up their game. Coinbase seems to be the latest platform to incorporate an innovative addition to its exchange.
“Crypto, Meet Card.”
Prominent San-Fransisco-based cryptocurrency exchange, Coinbase has recently revealed that it was steering towards expansion, however, with regard to its crypto debit card. In its blog post, Coinbase announced that the residents of the United States were finally eligible to avail of the Coinbase card. Previously, Coinbase rendered this service to the citizens of the UK and Europe.
The blog post highlighted that the card was a Visa debit card that could be used to make purchases as well as payments in crypto without having to transfer their balance into their bank accounts. Individuals could reportedly utilize the Coinbase card online, at ATMs, and in-store. However, the cryptocurrency in the account of the cardholder would be converted into USD just before the purchase or withdrawal.
Elaborating on the incorporation of the Coinbase card into their system, the exchange suggested that the latest announcement was a leap towards the implementation of crypto into the real-world. The blog post read,
“The introduction of Coinbase Card was a significant milestone in our efforts to create mainstream adoption of crypto as a genuine utility. Today’s announcement is another step forward in the real-world applications of cryptocurrency as it enables more options for Coinbase customers in the US to utilize their holdings.”
Furthermore, the exchange also offered its users a crypto-back option that allowed them to earn a total of 4% back in Stellar [XLM] or 1% back in Bitcoin [BTC]. Users would be able to avail of this offer through daily spending.
Coinbase is yet to decide who it would give these cards to. The exchange pointed out that customers could apply for the card through the Coinbase application or the web. Customers would have to join a waitlist and would receive approval by this winter. The issuance fee for the card is null, however, a fee for the conversion of crypto would be applied.
Additionally, citizens of every American state except for Hawaii would be able to enjoy this service.