Coinbase Card, a Visa debit card that lets customers in the UK spend crypto as effortlessly as the money in their bank has launched.
Coinbase Card is powered by customers’ Coinbase account crypto balances, giving them the ability to pay in-store and online using bitcoin, ethereum, litecoin, and more. Customers can use their card, in millions of locations around the world, making payments through contactless, Chip and PIN, as well as cash withdrawals from ATMs. When customers use their Coinbase card, we instantly convert crypto to fiat currency, such as GBP, which is used to complete the purchase.
To help customers manage their spend, we’ve also launched the Coinbase Card app, which enables customers to select which crypto wallet they will use to fund their Coinbase Card spending. Coinbase Card supports all crypto assets available to buy and sell on the Coinbase platform, meaning they can pay for a meal with bitcoin, or use ethereum to fund their train ticket home. The app also offers instant receipts, transaction summaries, spending categories, and more.
To celebrate the launch of Coinbase Card, we’re waiving the £4.95 card issuance fee for the first 1,000 people to join the waitlist will receive their card for free. Coinbase customers can download the iOS and Android app today. and securely link their Coinbase account. Once linked, the crypto balance held on Coinbase will be immediately available to use through the virtual card, and their contactless Coinbase Card will be sent in the post.
This is the first debit card to link directly with a major cryptocurrency exchange, allowing people to spend their crypto balances direct from their Coinbase account. Previously available crypto cards required users to pre-load a specified amount of crypto onto their card, adding a point of friction to the process.
Coinbase Card is currently only available in the UK, but we plan to support other European countries in the oncoming months. To find out more about the Coinbase Card, there’s more information on the website.
Zeeshan Feroz, UK CEO at Coinbase said:
“Making crypto easier to use and spend is central to our mission to create a more open financial system. 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.”
Hugh Kingdon, Head of Fintech, UK & Ireland, Visa, said:
“It’s an exciting time in the global payments industry as innovators inject new ideas and technologies to enable seamless commerce for everyone, everywhere. We value the opportunity to collaborate with fintech partners such as Paysafe and Coinbase to develop cutting-edge payments solutions for businesses and consumers.”
- The physical card issuance/replacement free is £4.95, but the first 1,000 card we’re giving away for free
- There is no minimum amount users can spend and they can spend up to £10,000 a day. They can withdraw up to £500 in cash per day
- Fee per transaction is 2.49% (1.49% crypto conversion fee + 1% transaction fee)
- No additional cost for domestic ATM withdrawals, up to £200 per month; 1% of the withdrawal amount thereafter
- Chargeback processing costs £20 (to reverse a transaction on your card)
- No maintenance fee
- Also, no additional cost for international (including EEA/EU) ATM withdrawals, up to £200 per month; but 2% of the withdrawal amount thereafter
- Fee per transaction in the EEA/EU is 2.69% (0.20% + standard 2.49%)
- Fee per transaction in the rest of the world is 5.49% (3% + standard 2.49%)