According to a mainstream media report released on June 11, the US-based major wallet service and cryptocurrency exchange Coinbase launched its Visa debit card in another 6 countries in Europe. The exchange had debuted this card in the United Kingdom in April earlier this year.
Spending Cryptocurrencies Anywhere
With this expansion, users of the Coinbase Card in France, Germany, Italy, Spain, the Netherlands and Ireland will be able to spend their cryptocurrencies from the Coinbase accounts just about anywhere that merchants accept Visa cards.
The card is now available both as mobile apps for Android and iOS that are synced directly to users’ Coinbase accounts, and as a physical debit card which can be used to withdraw fiat currencies from ATMs (automated teller machines).
Users have a choice of using cryptocurrencies such as BTC (Bitcoin), ETH (Ether) and LTC (Litecoin) in online as well as physical stores. Once they choose the crypto they wish to use for their purchases, Coinbase will immediately convert it into cash for a small fee.
The Coinbase UK Chief Executive Officer Zeeshan Feroz stated that users would be able to buy groceries using their BTC, and immediately after, buy coffee with LTC. He said that the aim of this card was to make spending cryptocurrencies as seamless as using traditional cash.
Feroz also stated that the Coinbase Card has seen a strong uptake in the UK since its launch. And while he did not specify the number of card users, the Coinbase UK CEO said that the numbers blew past the first 1,000 cards the exchange had offered users for free.
With regard to expanding this product, Feroz said that the company was looking at that option, however, they first needed to find the right banking partners. He said that they would be looking at all key markets, especially the United States.
Making Cryptos More Accessible
Banks, technology companies and startups are increasingly trying to make cryptocurrency-based payments more accessible to the public. In fact, Coinbase is not the first cryptocurrency exchange to offer a crypto-based debit card to its customers.
The company’s rival and one of the largest crypto exchanges in the world, Binance joined hands with fintech company Simplex to offer its customers cryptocurrency debit as well as credit cards as payment options earlier this year.
Additionally, other fintech startups such as UK’s Revolut and US’s Square have already offered their customers platforms for cryptocurrency trading. And according to the latest reports, Facebook is also going to launch its own cryptocurrency later in June.