Digital currency exchange Coinbase has announced that its U.S. clients are now able to get on a waitlist for a “Coinbase Card”, which is essentially a Visa debit card.
The card lets customers use cryptocurrency in any transaction that allows a Visa card.
Coinbase asserts this is now the easiest and fastest way to spend cryptocurrency around the world. The launch in the United States comes after it had previously only been available overseas in Europe.
To date, there are already a few various debit cards around the world where cryptocurrency enthusiasts can spend money. As previously reported, PayPal and Venmo will be joining them and Square has already included this feature.
However, the Coinbase Card is unlike many of these other options in that it doesn’t force users to add funds onto the card before they can be spent.
The Coinbase Card taps directly into a person’s Coinbase account and it supports at least 30 different types of currencies.
The card also does the converting into U.S. dollars as well prior to making a purchase or a withdrawal from an ATM.
Furthermore, Coinbase is also going so far as to have a rewards program that is optional. The program is only available to individuals located in the United States for the time being.
The ability to earn cashback in cryptocurrency is the driving force behind this program, and there is no issuance fee associated either.
However, Coinbase does warn that “cryptocurrency conversion fees may apply” so it will be necessary to at least keep an eye on all transactions.
To keep track of these transactions, users will simply need the Coinbase app where they can follow any recent transactions and look at their subsequent rewards. The app is also the place to manage any money coming into and out of the account.
To get started with the new card, simply download the Coinbase app and join the waitlist.
There has already been a large amount of interest and there will be a waiting period.
The exchange says the first customers are set to be approved sometime this winter, but once a person is approved they can begin spending immediately with a virtual card even before they have a physical one.
This process will of course require registrants to have a Coinbase account that is verified.
This is more great news for cryptocurrency enthusiasts and it comes at a time when the coronavirus pandemic rages on and many companies are moving towards contactless payment methods.
Coinbase has long been a major player in the cryptocurrency game, and this should only help cement its reputation even further as the new financial payment system continues to pick up more steam.