Cryptocurrency platform Coinbase launches Visa debit card

Cryptocurrency platform Coinbase has launched a Visa debit card that allows customers to spend their digital currency in stores and online.

When customers use the card, which is only available in the UK, Coinbase will convert the cryptocurrency into pounds, and transaction summaries and receipts will be recorded within a new app, which has also been unveiled today.

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The launch marks a shift away from existing cryptocurrency payment cards that require customers to pre-load funds before they can be used. 

Purchases can be made in-store using contactless and chip-and-pin, or consumers can make ATM withdrawals of up to £500 a day. Coinbase card payments can also be made online.

“Making crypto easier to use and spend is central to our mission to create a more open financial system,” Coinbase UK chief executive Zeeshan Feroz said.

“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.”

The cards will cost £4.95, although the fee will be waived for the first 1000 people to join the waiting list, and the fee per transaction will be 2.49 per cent.

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Hugh Kingdon, Visa head of fintech for the UK and Ireland, 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.”