Coinbase Launches Crypto Visa Debit Card for United Kingdom and EU Customers

Lloyd Doyle
April 11, 2019

Coinbase has announced the launch of a new crypto debit card in the UK. As per Forbes, Coinbase does not intend to go further than Europe with this card yet.

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. Reportedly, this is the first Coinbase's crypto-enabled debit card for United Kingdom and European Union residents - however, presently, it is available only in the UK.

On the card, consumers will have the option of using the embedded chip with a corresponding PIN to make their purchase, and they can also immediately cash out fiat currency with a trip to the ATM.

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 US customers, is supposed to stop working (since that program has now been "retired"). The user will get real-time receipts, transaction summaries, and more.

When it comes to crypto cards, there are three very important questions users have to ask before plunging in: Fees, limits, and exchange rates. Starting with the latter, Coinbase automatically converts crypto to fiat currency when you make a purchase. You can see a detailed overview here, but these are the highlights: There's no monthly fee associated with owning the card.

With the launch, the first 1,000 people to add themselves to the Coinbase Card waitlist will be exempt from the £4.95 issuance fee for the card, which is issued by United Kingdom payment processor PaySafe. Global cash withdrawal fee is also zero for up to £200 per month, after which it's raised to 2% of value of withdrawal. Domestic purchase transactions are for free, while the rest is charged 0.20%-3%. Finally, there's a daily ATM withdrawal limit of £500.

Coinbase is set to provide millions of United Kingdom users with the ability to effortlessly spend crypto around the world with the launch of the Visa-powered Coinbase Card.

Moving forward, Coinbase says it will support other European countries in the coming months.

Other reports by Iphone Fresh

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