Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
The Coinbase Card which is expected to be launched in the U.S. this winter has already been launched in the UK and Europe.
Coinbase has officially announced that its customers in the U.S. can now join the waitlist for its debit card that would allow cryptocurrencies to be used for payment. The users of the Coinbase Card would also be subjected to a reward program that would see customers earning 1% back in Bitcoin and up to 4% back in Stellar lumen. Customers would be only allowed to select one reward at a time.
Crypto, meet Coinbase Card. Now in the US you can spend the crypto in your Coinbase account everywhere Visa® debit cards are accepted and earn up to 4% back in crypto rewards. Terms apply. Join the waitlist today: https://t.co/Qg7LGDqrgn pic.twitter.com/DsbeX2Qm5o
— Coinbase (@coinbase) October 28, 2020
The introduction of the card would be much different in terms of insurance fees compared to Europe. Users will have to make a payment of 2.49% as a charge on liquidation. However, insurance fees would not be charged. Interestingly, there would be no fee when spending from the USDC balance on the Coinbase Card.
The Coinbase Card
The card has been designed to withdraw assets in the form of cash directly from their Coinbase accounts without the need of transferring it to another wallet or their bank accounts. The U.S. customers can manage their cards from their Coinbase account, though the European users have been assigned with a customized app for this purpose.
The Coinbase Card provides a real use of cryptocurrency by making it possible for users to make payment online and physical stores directly from the Coinbase account. Users can select whatever cryptocurrency wallet balance they would want to spend from, and can make transactions in any ATM accepted worldwide.
Though the reward program will only be limited to users in the U.S., the Coinbase Card will be accessible by users within close to 30 different countries mostly spread across Europe and the UK.
Coinbase has made a lot of contributions in the effort to accelerate the mainstream adoption of cryptos with their current initiative marked as a significant milestone. People will begin to appreciate cryptocurrency as a real utility instead of just a speculative investment asset.
Coinbase stated that the introduction of the card establishes the real-world application of cryptocurrencies, and in doing so, they provide customers with more options to utilize their holdings. The company aims to extend its services and the crypto adoption campaign to many geographies, demographics, and age groups. This will probably change the scope of cryptocurrency adoption and concerns within the government ecosystem and to make it an integral part of the global financial market.
How to Join the Waitlist
Customers who wish to get hold of the Coinbase Card can apply via the App or web. The application would be reviewed and once approved, they can use the virtual card straight away before receiving the physical card in their mails within two weeks once it is launched.