It is now only available to customers in the United Kingdom.
Appropriately enough, the new "Coinbase Card" was announced on the same day that Coinbase's previous attempt at a crypto-to-fiat Visa debit card, the "Shift Card", which was only for USA customers, is supposed to stop working (since that program has now been "retired").
The Coinbase Card is a Visa debits card, and it is available to both United Kingdom and European Union customers.
The new mobile application launched by Coinbase for this objective allows using the new card and also trading digital assets on the exchange.
This is the first debit card to link directly with a major cryptocurrency exchange in the United Kingdom, allowing users to spend their crypto balances direct from their Coinbase account.The Coinbase Card is now only available in the United Kingdom but in their statement have plans "to support other European countries in the coming months".
Currently, there is a daily spending limit of GBP 10,000 (but Coinbase might agree to increase this limit for you if you contact card support services). "The app also offers instant receipts, transaction summaries, spending categories, and more". Once linked, your Coinbase balance will be "immediately available".
Image courtesy of The Coinbase Blog.Should You Let Coinbase Be Your Bank? However, considering Coinbase is insured in the United Kingdom, there is no added risk of funds being lost any more so than with a regular bank.
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"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.
The launch marks a shift away from existing cryptocurrency payment cards that require customers to pre-load funds before they can be used.
As you may expect, Coinbase will be responsible for converting its customers' cryptocurrency into fiat.
The card is being issued by PaySafe, a UK-based payment processing company. Are they a possible means of spurring adoption for the everyday consumer?
Images courtesy of Shutterstock.