Ikenna Uwakwe has been a writer since he could hold a pen. Having a lot of literary works in his portfolio including Poems, Articles and Essays. He enjoys a natural likeness for anything related to technology. His Educational background includes computer science and programming. As a seasoned cryptocurrency enthusiast with a professional writing career path of over two years of blogging for blockchain related companies. Working with various Fintech startups in the past, has aided him to better understand what IT proponents as well as financial Investors look out for.
Coinbase has forayed into six European countries with its Visa debit card service, now allowing customers in the region spend their cryptos enjoying flexible payment system.
Leading cryptocurrency exchange Coinbase announces its visa debit card to be made available in top European countries.
Coinbase Visa debit card can be used to make payments on both online and physical businesses accepting Visa. It can also be used to withdraw cash from ATM machines as a physical contactless card. This new debit card payment mechanism can only be accessed by means of the Coinbase mobile app (Android & iOS). Not to mention that this payment medium is only open to Bitcoin, Ethereum and Litecoin remittance.
In an interview by CNBC, Coinbase U.K. CEO Zeeshan Feroz postulated that the goal of the Visa card is to integrate a flexible payment system for platform Users. He further stated:
“You can buy groceries on bitcoin and then coffee on litecoin right after.”
Although Zeeshan Feroz, wasn’t quite specific about the number of cards issued till date, he went on to affirm that the fintech company “blew past” the stipulated 1,000 cards benchmark it offered its Users for free.
These Visa cards are issued by a U.K.-based payment processor company – PaySafe. By means of a partnership with PaySafe, Coinbase logically interchanges cryptocurrencies to fiat on behalf of their users for a fee.
The Coinbase Exchange
Originally introduced in the UK, though currently based in San Francisco, this cryptocurrency franchise registers a perpetual trading cap of $150 billion USD. With patronage from 42 countries, the platform commands a clientele of more than 2 million users.
The exchange recently announced that it has joined other leading crypto exchanges such as Binance, to accept debit card payments on its platform. extending this service to six major European countries; France, Germany, Spain, Italy, Ireland, and the Netherlands.
Visa Blockchain Campaign
The newly-launched Visa B2B (Business-to-Business) Connect network is proposed to span 30 trading horizons and also 90 markets worldwide. Following this recent cross-border campaign powered by Visa Inc, Coinbase started issuing Visa card functionalities to its UK clients in April.
The SVP, global head of Visa Business Solutions, Kevin Phalen says:
“By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points.”
Evidently, with this new trend in debit card-crypto payments, Business Start-ups, Banks as well as Tech Companies are trying to make crypto payments and trading more accessible.