Coinbase has announced its new Visa based debit card called the “Coinbase Card.” It is currently open for registration for US customers. Previously, the card was only available in Europe. Unlike other crypto cards available in the market, you don’t need to fund it with fiat currencies; use the available crypto coins directly. It will be accepted worldwide wherever Visa cards are accepted.
Earlier, PayPal too announced its debit card. Many crypto-based payment systems require you to fund fiat currencies before using them, and the currency conversion rates apply too. On the contrary, Coinbase Card pulls funds directly from your Coinbase account. Other cards present in the market are limited to only a few currencies. According to the company, Coinbase Card supports more than 30coins that will be supported. Any coins you select will be converted to US dollars before completing purchases and ATM withdrawals.
Coinbase will also offer a reward program, currently available for US customers only. You can choose to earn 4 percent back in Stellar Lumen or 1 percent back in bitcoin. There’s no issuance fee, but conversion fees may apply.In Coinbase’s app, you’ll be able to keep track of recent transactions and rewards earnings. You can manage your rewards currency there, as well as the currency you’re spending.Currently, you can only join the waitlist for the Coinbase Cards. The first batch of customers will be approved by the year-end. Apart from the virtual card, users will also get a physical card by post. You may need to have a verified Coinbase account to use the card.