Coinbase Product Manager Eddie Lo has revealed their new crypto-to-fiat withdrawal feature. Users located across the US, UK, and Europe can now instantly withdraw their cryptocurrency funds to fiat using their Visa or Mastercard.
Now you can instantly withdraw cash from your Coinbase account using a linked Mastercard or Visa debit card. Don’t wait days for your cash when you need it now. https://t.co/HZNj9cjzgS pic.twitter.com/IVsyRy4VKu
— Coinbase (@coinbase) October 2, 2020
Delivering a faster, simpler, and more connected experience for its users, Coinbase now makes it easier to convert Bitcoin (BTC), Ethereum (ETH), and other cryptos into fiat. This will allow them to spend their money seamlessly at any locations accepting Visa and MasterCard.
Instant withdrawals will cost US customers a 1.5% fee (minimum $0.55), while the UK and European customers will be charged up to 2%.
Staying true to crypto’s ability to be global and accessible, Lo highlighted that:
The ability to easily spend, send, and receive crypto is critical to growing the crypto economy, so we’ll continue building even more ways for our customers to access and use their crypto on Coinbase.
Global payment processors Visa and Mastercard have been actively seen to support the adoption of cryptocurrencies worldwide. In particular, Visa brought Samsung Pay to Germany while Crypterium’s virtual VISA card edition enables a secure crypto spending experience through Apple Pay.
Expanding horizons of both decentralized and centralized players, the DeFi app Cred also joined the Visa Fast Track program recently. On the other hand, KickEX exchange offers rewards to users for buying crypto with fiat via Mastercard or Visa bank cards.
“We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places,” said Visa in one of its blogs.
As for Mastercard, they are committed to leverage their innovation and experience to crypto partners, allowing them to build global ecosystems to “modernize payments and transform the way people and businesses transact”.
Empowering its company further, Coinbase has also added former executives from industry giants Google, Adobe, and Venmo into their team.