Cryptocurrency exchange Coinbase has introduced a Visa debit card enabling users in the U.K. and EU to spend their cryptocurrencies directly from their Coinbase accounts. This innovative product eliminates the need for manual conversions, allowing seamless transactions in bitcoin (BTC), ether (ETH), litecoin (LTC), and other supported assets.
How the Coinbase Card Works
The Coinbase Card automatically converts crypto to fiat currency (e.g., GBP or EUR) at the point of sale, making it function like a traditional debit card. Key features include:
- Instant conversions: Crypto is exchanged for fiat in real-time during transactions.
- Multi-crypto support: All tradable assets on Coinbase are eligible.
- Mobile app integration: Users select their preferred crypto wallet via the Coinbase Card app (available on Android and iOS).
- Spending insights: The app provides transaction summaries, receipts, and spending categorization.
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Advantages Over Traditional Crypto Cards
Unlike older crypto debit cards that required pre-loading funds, the Coinbase Card draws directly from the user’s exchange balance. This eliminates:
- Pre-funding hassles: No need to lock crypto into a separate card account.
- Delayed spending: Conversions happen instantly during purchases.
Fee Structure
Coinbase waived the £4.95 issuance fee for the first 1,000 users. Ongoing costs include:
| Fee Type | Amount | Notes |
|---|---|---|
| Transaction fee | 2.49% | Applied per crypto-to-fiat conversion. |
| ATM withdrawal | Variable | Depends on the provider. |
Comparison with Competitors
Banking startup 2gether offers a similar Visa card supporting 7 cryptocurrencies, but requires euro-based transactions. Coinbase’s solution provides broader asset flexibility and integrates natively with its exchange.
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FAQs
1. Which countries support the Coinbase Card?
Currently available in the U.K. and EU. Expansion plans are undisclosed.
2. What cryptocurrencies can I spend?
All assets listed on Coinbase, including BTC, ETH, LTC, and others.
3. Are there limits on spending?
Yes, limits vary by account verification level. Check the app for details.