Digital currency exchange platform Coinbase has launched a UK debit card and companion application that allows UK users to purchases goods and services in stores using their cryptocurrency balances.
The Coinbase debit card is a Visa card, so it should be accepted by most traders and vendors you encounter. The debit card will be tied to your Coinbase account and will deduct any transactions from your stored cryptocurrencies. Users have the choice of tying the card to one of three cryptocurrencies Ethereum, Litecoin or Bitcoin.
Coinbase is an online platform that aims to offer security when storing, transferring or dealing in cryptocurrency. Headquartered in San Francisco the site has been operating as a digital currency exchange since 2012. On the platform users can store and exchange the cryptocurrencies Bitcoin, Ethereum, Litecoin and Ethereum Classic.
Coinbase’s UK CEO Zeeshan Feroz wrote in a blog post that: “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.”
Coinbase Debit Card and Its Companion Application
A companion application has also been launched with the debt card aptly named Coinbase Card.
This mobile device application supports all currencies support on their main platform and does not required the user to transfer currency to the new companion application as it will take currencies directly from the users Coinbase account.
The debt card launched by Coinbase can support contactless payments and can even facilitate ATM withdrawals. Users should probably check the exchange rate within the application due to cryptocurrencies tendency to fluctuate.
Coinbase have said that the first 1,000 customers will get the card for free, but if you are part of that select group, the debt card will cost £4.95 to order. Transaction cost are 2.49 percent in fees. If you were to use it within the EU it will cost 2.69 percent in transaction fees. However outside of the EU the transaction cost is a significant 5.49 percent in fees.