Friday, 19 April, 2019

Coinbase launches VISA debit card that links to United Kingdom customers' accounts

Coinbase lets UK users spend bitcoins with new Visa debit card Coinbase announces launch of Visa-powered Coinbase Card
Priscilla Morrison | 12 April, 2019, 02:02

Consequently, UK residents with Coinbase's VISA can use XRP to make purchases and cash withdrawals directly from their Coinbase account.

The exchange has also launched an app for the card on both Android and iOS platforms, enabling customers to select which cryptocurrency wallet they will use to fund their spending.

"Thanks to the launch of the new Coinbase Card, in partnership with Paysafe, customers now have greater flexibility and control over how they spend their crypto, and the ability to realise its value to buy tangible things or experiences".

"We are targeting United Kingdom consumers because, generally speaking, data shows they are much more open to accepting new types of debit cards", according to Feroz.

More news: Israeli spacecraft landing on moon today

Long-serving exchange Coinbase has announced the launch of a cryptocurrency debit card for its United Kingdom customers.

Indeed, it's fair to say Coinbase has weathered its fair share of criticism in recent months, but all in all, it'd be interesting to see how much uptake this new product - which seeks to simplify real-world cryptocurrency purchases - has among Coinbase's United Kingdom customers.

There is the GBP 4.95 (USD 6.48) card issuance fee that has been waived for the first 1,000 customers. Global cash withdrawal fee is also zero for up to £200 per month, after which it's raised to 2% of value of withdrawal. As per Forbes, Coinbase does not intend to go further than Europe with this card yet. And Internationally, fee per transaction is a whopping 5.49% (3% + standard 2.49%). Other potential fees, including transaction fees and crypto liquidation fees, are detailed in Coinbase's FAQ. It also helps users control their spending by offering transaction lists, instant receipts, etc. There is also "a monthly purchase limit of £20,000 and a yearly purchase limit of £50,000". Finally, there's a daily ATM withdrawal limit of £500. However, Coinbase has stated it has plans to support other European countries in the coming months.

Although now only available in the United Kingdom, the Coinbase Card will be rolled out in other European countries in the coming months.

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