Home Coins Ethereum (ETH) Coinbase’s crypto debit card is launching in the U.S. and lets users...

Coinbase’s crypto debit card is launching in the U.S. and lets users earn back bitcoin

- Advertisement -


Crypto exchange Coinbase is launching a Visa debit card in the U.S. next year. 

Sharing the news with The Block on Wednesday, Coinbase said it opened up a waitlist for U.S. customers who wish to get the card and will start distributing them “in the first half of next year.” Debit cards for Coinbase customers are currently available in the U.K. and EU.

Coinbase Card is a Visa debit card that allows users to spend their cryptocurrency funds directly from their Coinbase accounts. The card is accepted at any retailer that accepts Visa debit cards.

Notably, the card will come with spending rewards — specifically, U.S. residents can opt to earn 1% back in bitcoin or 4% back in Stellar lumens (XLM). 

Coinbase said the card’s U.S. launch is a “significant milestone,” as it would help expand crypto’s mainstream adoption.

“Customers can make everyday purchases like coffee and lunch or can shop online directly with the crypto in their Coinbase accounts,” a Coinbase spokesperson told The Block. “The utilities for cryptocurrencies are vast and have so much more potential beyond trading and investing.”

The firm said that “the first customers will be approved this winter.”

Spending rewards

What makes U.S. Coinbase Card different from its U.K. and EU counterparts are the spending rewards it offers.

Coinbase, for the first time, will offer rewards in crypto for spending through Coinbase Card in the U.S. This feature isn’t currently available to U.K. and EU residents.

They will also be able to spend stablecoins like USD Coin (USDC) or any other cryptocurrencies and stablecoins that Coinbase supports in the U.S.

Coinbase’s U.K. and EU cards, on the other hand, support limited nine cryptocurrencies: Bitcoin (BTC), ether (ETH), litecoin (LTC), bitcoin cash (BCH), XRP, Brave’s basic attention token (BAT), Augur (REP), 0x (ZRX), and XLM.

Coinbase said it wouldn’t charge any fees if U.S. customers spend via USDC. Non-USDC pays, on the other hand, would be charged a 2.49% transaction fee. There are also no sign-up or annual membership fees for Coinbase Card in the U.S.

The daily spending limit for Coinbase Card in the U.S. would be $2,500, the Coinbase spokesperson told The Block. In the U.K. and EU, the card has limits of £10,000 or €10,000, respectively.

Coinbase Card in the U.S. will be issued by MetaBank, which has a Visa U.S.A. Inc. license to issue debit cards, and the card would be powered by payments processor Marqeta.

Coinbase rival Binance, meanwhile, recently launched its own crypto debit card in the U.K. and Europe via its acquisition of crypto card startup Swipe.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
472FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,559FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.21
GBP
1.34
CHF
1.12
NOK
0.11
JPY
0.01
CAD
0.77
AUD
0.74

Most Popular

‘New rules’ for SEC could follow example set by Wyoming, says Hester Peirce

Hester Peirce, commissioner for the United States Securities and Exchange Commission and best known by the affectionate nickname “Crypto Mom,” says the regulator...

Qtum — November Updates: The Road to DeFi | by Qtum | Dec, 2020

As we witnessed one of the most exciting months in crypto history with Bitcoin breaking the all-time high, the Qtum development team is...
bitcoin
Bitcoin (BTC) $ 18,976.85
ethereum
Ethereum (ETH) $ 590.55
ripple
XRP (XRP) $ 0.618790
tether
Tether (USDT) $ 0.999440
bitcoin-cash
Bitcoin Cash (BCH) $ 287.92
bitcoin-cash-sv
Bitcoin SV (BSV) $ 168.50
litecoin
Litecoin (LTC) $ 86.31
eos
EOS (EOS) $ 3.02
binancecoin
Binance Coin (BNB) $ 30.03
okb
OKB (OKB) $ 5.31
tezos
Tezos (XTZ) $ 2.40
leo-token
LEO Token (LEO) $ 1.36
cardano
Cardano (ADA) $ 0.157223
monero
Monero (XMR) $ 127.18
stellar
Stellar (XLM) $ 0.181301
chainlink
Chainlink (LINK) $ 13.77
huobi-token
Huobi Token (HT) $ 3.99
tron
TRON (TRX) $ 0.030931
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 104.72
neo
NEO (NEO) $ 18.01
iota
IOTA (MIOTA) $ 0.347064
nem
NEM (XEM) $ 0.208241
zcash
Zcash (ZEC) $ 74.94
maker
Maker (MKR) $ 565.03
paxos-standard
Paxos Standard (PAX) $ 0.999623
ethereum-classic
Ethereum Classic (ETC) $ 6.24
vechain
VeChain (VET) $ 0.016198
true-usd
TrueUSD (TUSD) $ 0.998612
ftx-token
FTX Token (FTT) $ 4.44
kucoin-shares
KuCoin Shares (KCS) $ 0.826685
waves
Waves (WAVES) $ 6.97