Sirlibz
The top leading Cryptocurrency exchange in the U.S has announced that it’s U.S customers can now join a waitlist for the Coinbase card. The Coinbase Visa debit card will allow Cryptocurrencies to be used for payments and purchases online and in store, even ATM withdrawals. Usage of this card offers the user a 4% cash back in Crypto rewards.
Users within the U.S can start applying through the Coinbase app or the web and the first set of customers will be approved this winter. Customers that are approved can then proceed to spending with the Virtual card instantly while waiting for the physical card which will be mailed within two weeks.
The blog post also noted that the cards would be issued free but spending with the card will invite a standard fee which will be shared during sign-up.
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. We will continue to build upon our offerings to create the most seamless and useful ways to manage crypto investing and spending for our customers.
The card would be open to customers in over 30 countries which includes the U.K and across Europe but the rewards of 4% back to the customers will only kick off in the U.S and then later extend to other parts of the globe.
Card holders can spend directly from their accounts on the Coinbase platform without moving funds to their local bank accounts. For the ATM withdrawal, Cryptocurrencies are converted to the U.S dollars before completing purchase.
The 4% cash bank in Crypto rewards will be open initially to the U.S card holders, customers will get the cash back in Stellar Lumens (XLM) or a 1% back in Bitcoin(BTC).
The card can be managed from the Coinbase app and they can choose to settle payments in stablecoins like USD coin or other specific Cryptocurrencies, all done within the app with the click of a button.
