- Coinbase has rolled out its new Visa debit card in the US.
- Customers can now join the waitlist for their Coinbase Card.
- Coinbase offers crypto rewards for active customers.
Coinbase, one of the biggest cryptocurrency exchanges, has rolled out the new Coinbase Card, a debit Visa card, in the US. This allows customers to make purchases and receive cryptocurrency as rewards.
On their blog, they mentioned that,
The introduction of Coinbase Card was a significant milestone in our efforts to create mainstream adoption of crypto as a genuine utility.
In particular, Coinbase worked with Metabank and Marqeta in the issuance and operations of the Coinbase Card.
Coinbase Visa Debit Card Comes to US
Coinbase Card is now available to customers in almost 30 countries, including the US, UK, and Europe. However, Coinbase’s cryptocurrency rewards program will initially be available only to customers in the US.
Moreover, Coinbase customers in the US can now join the waitlist for the Coinbase Card. Eligible customers can apply through the Coinbase app or on the web. Alongside this, approval for the first customers will be done this winter.
Approved customers can spend with a digital card right away. Following this, they will get a physical card in their mail within two weeks. Beyond that, Coinbase Card doesn’t require customers to connect to a bank account. Customers can also spend directly from their Coinbase accounts.
Coinbase Crypto Rewards for Active Customers
Active customers who make purchases with this Visa debit card will receive rewards in the form of a 1% bounty in Bitcoin (BTC) or a 4% rebate in Stellar Lumens (XLM), with other reward options to be introduced in the future.
Furthermore, there are no card issuance fees but conversion fees may apply. Additionally, this reward system could help overcome transaction fee charges. Yet, for every transaction using the Visa debit card, Coinbase will charge 2.5%. This fee makes the debit card an unappealing option.
For this reason, there is an important exception — Coinbase users who draw on their USDC accounts. In fact, this means Coinbase users can go purchasing with their USDC accounts with no fees while gaining cryptocurrency rewards.
Recently, Coinbase also revealed its new feature allowing Coinbase Wallet users to buy cryptocurrencies directly from the self-custody crypto wallet app. In addition, Coinbase also announced its new crypto-to-fiat withdrawal feature.