Leading global crypto trading network Coinbase announced the launch of the Coinbase Card in the United States. As per the official tweet, Coinbase Card is a Visa debit card that will allow users to spend their crypto for purchases and payments wherever Visa is accepted, and earn up to 4% crypto cashback in return.
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
Coinbase is one of the largest crypto-blockchain companies globally, with its trading network spread across the globe. In the official announcement on its website, the company stated that users would also be able to withdraw cash from the ATM using the Coinbase Card, as it will automatically convert crypto to USD for withdrawals. Those interested can apply for the Coinbase Card on their website or via the Coinbase App. Approval will begin this winter, and deliveries will commence subsequently.
The card is aimed at facilitating the mainstream adoption of crypto as a utility currency on a daily basis. One of the biggest issues hindering mass adoption is the fact that even after a decade, using digital currencies continues to be a cumbersome task. As compared to traditional money, only a fraction of retail merchants across the globe allow crypto payments.
With the advent of crypto debit cards, it has become quite easy to use crypto regularly, as almost all major retailers in the world accept debit card payments. Therefore, the launch of the Coinbase Card in the US is a landmark moment for the crypto industry, given the large user base on the network.