This Wednesday, the 12th of June, Coinbase, which is a wallet service and crypto exchange based in the United States, announced that it has launched its Visa debit card, called the Coinbase Card, in six European countries.
Coinbase Card now available in six other countries in Europe
Coinbase Card was launched in the U.K. during April, but now, it is available in six different countries in Europe – Germany, Spain, Ireland, Italy, France, and the Netherlands.
From Wednesday on, the cardholders in these countries are going to have the ability to use the cards, which sync directly to their accounts on Coinbase. The card also comes as both a physical card which may be used to withdraw fiat currencies from some automatic teller machines or ATMs and as a mobile application for Android or iOS.
On the 11th of April, Coinbase has announced the new Visa debit card for its EU and U.K. customers, which permits them to easily spend any of the cryptocurrency balances in their account on Coinbase, to pay for services and goods anywhere that Visa is accepted or for making cash withdrawals from ATMs.
What possibilities will users have with the new app?
Users will also have the ability to decide which crypto they would like to use to make a payment in the app, while Coinbase will subsequently convert the crypto to cash, for a fee.
The U.K. CEO of Coinbase, named Zeeshan Feroz, said that people can buy groceries on Bitcoin or BTC, and coffee with using Litecoin or LTC right after that.
When the card was launched in April, it was issued by Paysafe Financial Services Limited, which is actually regulated by the Financial Services Authority or FSA as a certified issuer of electronic payment and money instruments.
The exchange based in San Francisco was expanding its offerings importantly over the course of the year. Last month, it actually expanded trading services to an additional 50 countries and even added trading support for its stablecoin USDC in about 85 countries. Coinbase also added the stablecoin to its Coinbase earn program, which actually rewards users with cryptocurrency for watching some educational videos.
Characteristics of the new Coinbase Card
Here are the things you have to know about the Coinbase Card:
– The new Coinbase Card has been launched on the 11th of April for the customers in the United Kingdom, but Coinbase promised to support other countries in Europe in the months that came;
– It is apparently the primary debit card to connect directly with a major crypto exchange in the European Union;
– Coinbase customers have to download the Coinbase Card app from the App Store of iOS or Play Store of Android, to apply for it. Then, they have to sign in using their Coinbase account credentials;
– After requesting a Coinbase Card, they are going to join a waitlist. The blog post of Coinbase says that after the waitlist closes, the crypto balance of the user held on Coinbase is going to be immediately available to use through the in-app virtual card, while a contactless Coinbase Card is going to be sent in the post;
– In the European Union, this card has an issuance fee of EUR 4.95. Users may spend any crypto which the Coinbase.com supports in the jurisdiction that they live in;
– When a user wants to use his or her, Coinbase Card, to get cash withdrawal or pay for something, he or she has to use the Coinbase Card app to select which cryptocurrency wallet in his or her Coinbase.com account is to be used for the transaction. At this point, Coinbase will perform an automatic conversion from the crypto to fiat;
– For domestic purchases, the cryptocurrency liquidation fee would be 2.40% of the transaction amount;
– There is no fee for domestic purchase transactions, but for inter-EEA transactions, as well as international purchase transactions, the costs will be 0.20% and 3% of the value.