The most popular cryptocurrency Bitcoin and other cryptocurrencies namely, litecoin, Ripple’s XRP and ethereum, for a while, fighting against the criticism that these digital currencies are very much difficult to spend and to use in reality as compared to the fiat currencies.
A week ago, Bitcoin price had surged high, trading at $5,000 each bitcoin, this cannot be used as a mode of payment because many of them believe that it is unstable and volatile, Bitcoin and other leading cryptocurrencies can only be used more of store of value, similar to gold, rather than using it as exchange currency.
As of now, the leading cryptocurrency Bitcoin and Coinbase cryptocurrency exchange are joining hands with the global payment service provider Visa. The aim is to change the thinking of few, by launching the Coinbase Card. The Coinbase Card enables users to spend cryptocurrency easily, just like traditional currency in their bank.
The debit card of Visa, has card issuance fee of $6.50 (€4.95), shall be used to spend litecoin, ethereum, bitcoin and Ripple’s XRP based coins. These Coinbase can be spent across millions of locations in the world just by changing cryptocurrency to fiat currency at the time when the card is used- the merchant or store will receive the payment in fiat currency.
Coinbase users can select the type of cryptocurrency used on the card through a new app; the app backs all types of crypto assets which are available to trade on the platform of Coinbase. The new app provides quick receipts, details of the transaction and spending types, which will help the users to monitor their spending.
Coinbase mentioned in a statement-
“This is the first debit card to link directly with a major cryptocurrency exchange, allowing people to spend their crypto balances direct from their Coinbase account,”
Further, the company said at the time of card launch-
“Previously available crypto cards required users to pre-load a specified amount of crypto onto their cards, adding a point of friction to the process.”
Earlier in February, Apto Payments was known as Shift Payments, Coinbase will receive the technology from this payment firm, and the company has eventually withdrawn its Shift Card. The card enables the Coinbase users of US to spend the crypto out of their account.
The Coinbase Card is accessed only in the United Kingdom. San Francisco based crypto exchange; Coinbase was worth $8 billion in October and now is planning to expand its support to other European countries in the days to come. The firm has no plans of rolling its support to other countries as of now.
The cards will be issued by a UK based payment processor, PaySafe.
Christine Sandler of Coinbase is the new sales head and marketing head; she was named by Fidelity Digital Assets an institutionally based provider that offers trade services and custody for virtual assets.
Fidelity Digital Assets President Tom Jessop said that we are very much delighted to add Christine in our progressing team. We are seeking for her leadership, due to the strong interest which we are noticing from investors, the investors are searching for a reliable provider that will take over the growing responsibility of the market.
Fidelity aims at winning institutional customers, who are enthusiastic of digital trading currency and it is the largest provider of mutual funds and retirements saving in the world.