Building the primary financial account of the cryptoeconomy, Coinbase launches a debit card
- For crypto to become more mainstream, the set of technologies needs to become easier to use.
- Coinbase is launching a debit card that lets users spend crypto just by swiping.
Coinbase is launching Coinbase Card in the U.S.
The product: Starting today, Coinbase customers in the U.S. can join the waitlist for Coinbase Card, a Visa debit card that lets customers spend cryptocurrency wherever Visa debit cards are accepted. The card automatically converts cryptocurrency to US Dollars for purchases and ATM withdrawals. The Coinbase Card offers up to 4% back in rewards on all purchases. Customers can choose from either 1% rewards in Bitcoin (BTC) or 4% rewards in Stellar Lumens (XLM).
Why this matters: The technical challenge in buying, holding and selling cryptocurrency has acted as a hurdle for more mass adoption of crypto as a means to transact. The launch of a debit card on top of crypto holdings is a big step forward for real-world application of cryptocurrency. Coinbase debit card holders can spend directly from their Coinbase accounts without moving funds to their bank accounts.
Cryptocurrency firms continue to develop products and services to make digital currencies more accessible to the public. Last month, Kraken, a popular cryptocurrency exchange, was the first cryptocurrency exchange to receive a state bank license. This new license from the state of Wyoming will enable Kraken to take dollar deposits.
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