Coinbase, one of the largest cryptocurrency exchanges, has announced an exciting development for U.S. users: the Coinbase Card, a crypto-based Visa debit card, is now accepting applications. This card allows users to make payments and ATM withdrawals directly from their Coinbase accounts, eliminating the need to transfer funds to a fiat bank account.
With the ability to earn up to 4% back in crypto rewards and make payments seamlessly using cryptocurrency, Coinbase Card is another step toward mainstream adoption of crypto as a practical utility.
What Is Coinbase Card?
The Coinbase Card is a Visa debit card designed to let users spend their cryptocurrency directly, converting funds into U.S. dollars at the point of sale. Initially launched in the U.K. and parts of the E.U., the card is now being rolled out to U.S. users.
Key features of the Coinbase Card include:
- Direct Crypto Payments: Users can pay or withdraw cash directly from their Coinbase accounts without transferring funds to a traditional bank.
- Crypto Rewards: Earn up to 4% back in crypto rewards on eligible purchases.
- Flexible Spending: Choose which cryptocurrency to spend directly through the Coinbase app.
- Virtual Card Option: Approved users can begin using a virtual card immediately while waiting for their physical card.
How Does Coinbase Card Work?
The Coinbase Card simplifies crypto spending by instantly converting cryptocurrency into U.S. dollars when a purchase is made or when funds are withdrawn from an ATM.
Steps to Get Started
- Join the Waitlist: U.S. users can apply to join the waitlist directly through the Coinbase app or website.
- Approval Process: Coinbase will start approving applications toward the end of Q4 2020.
- Virtual Card Access: Approved users can use a virtual card immediately.
- Physical Card Delivery: Physical cards will be mailed and typically arrive within two weeks of approval.
Benefits of the Coinbase Card
1. Earn Crypto Rewards
Coinbase Card offers exclusive rewards for U.S. users, with options to earn:
- 4% back in Stellar (XLM)
- 1% back in Bitcoin (BTC)
These rewards provide an incentive for users to adopt crypto spending in their daily lives.
2. Seamless Crypto Spending
Users can select which cryptocurrency to spend through the Coinbase app, providing flexibility and convenience.
3. Wide Acceptance
As a Visa debit card, Coinbase Card is accepted at millions of locations worldwide, making it a practical choice for crypto enthusiasts.
4. No Issuance Fee
U.S. users won’t pay an issuance fee for the card, although standard Coinbase cryptocurrency conversion fees apply.
Where Is Coinbase Card Available?
The Coinbase Card is already available in numerous countries across Europe, including:
- Austria, Belgium, France, Germany, Italy, the Netherlands, the UK, and more.
With this latest expansion, the U.S. joins the list of jurisdictions where Coinbase Card users can enjoy direct crypto spending.
Comparison: Coinbase Card vs. Binance Card
Coinbase isn’t the only major exchange to offer a crypto debit card. Binance Card, launched in March 2020, offers similar features.
| Feature | Coinbase Card | Binance Card |
|---|---|---|
| Crypto Rewards | Up to 4% back (XLM, BTC) | Up to 8% back in BNB |
| Availability | U.S., U.K., E.U. | Select countries (excludes U.S.) |
| Fee Structure | No issuance fee; conversion fees apply | Low fees; cashback tiered by holdings |
| Currency Conversion | Automatic at point of sale | Automatic at point of sale |
How Coinbase Card Supports Crypto Adoption
Coinbase Card plays a critical role in promoting cryptocurrency as a practical payment method. By making it easy for users to spend crypto directly and earn rewards, the card bridges the gap between digital assets and traditional financial systems.
1. Increased Crypto Utility
The card transforms crypto from a speculative investment to a usable currency, enabling payments at millions of merchants worldwide.
2. Enhanced User Experience
With features like instant conversion, crypto rewards, and virtual card access, Coinbase Card makes crypto spending accessible even for beginners.
3. Alignment with Industry Trends
Following PayPal’s entry into the cryptocurrency space, products like Coinbase Card align with the growing trend of crypto integration into mainstream financial systems.
How to Apply for Coinbase Card
Applying for Coinbase Card is simple:
- Sign Up on Coinbase: Ensure you have an active Coinbase account.
- Join the Waitlist: Apply for the waitlist through the app or website.
- Manage Preferences: Once approved, set up your spending preferences directly in the Coinbase app.
Final Thoughts
The Coinbase Card represents a significant milestone in the journey toward mainstream cryptocurrency adoption. By offering U.S. users the ability to spend crypto effortlessly and earn rewards, Coinbase is positioning itself as a leader in the crypto-to-fiat payment space.
With seamless integration into the Coinbase app, support for a wide range of cryptocurrencies, and attractive rewards, Coinbase Card is a must-have for crypto enthusiasts looking to make their digital assets work for them in everyday life.
To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.