Coinbase, a major American cryptocurrency exchange launches a Coinbase Card, that will enable the United Kingdom-based users to make online and in-store payments with cryptocurrencies. The exchange announced the development in a blog post published on April 10.
Powered by the customers’ Coinbase account crypto balances, the Coinbase Card is a Visa debit card that will allow them to make purchases with cryptocurrency across the globe. Reportedly, the exchange will instantly convert customers’ cryptocurrency funds into fiat currency in order to complete the purchase.
Furthermore, Coinbase also launched a Coinbase Card app for iOS and Android. The app will allow consumers to link their Coinbase accounts and to choose a particular wallet to fund their Coinbase Card. Additionally, the app will also provide access to receipts, transaction summaries, spending categories, and other features.
The card will purportedly support all digital assets available to purchase and sell on the Coinbase platform. Notably, the platform is currently on a spree of adding new coins on its platform. Just this month, the platform’s professional offering Coinbase Pro has added support for EOS, Augur, and Maker. The platform also went on to launch a Cross-Border Payments systems at the start of April.
The Coinbase card is issued by Paysafe Financial Services Limited, an authorized electronic money institution. Available only for the U.K customers as of now, the exchange plans to add support for other European countries in the near term.
In related news, new research by DataLight, a cryptocurrencies data analytics platform issues a report that compared Bitcoin With Visa, MasterCard & PayPal as a method of payment against several indicators, including annual price changes and changes in capitalization.
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