Coinbase launches VISA debit card that links to United Kingdom customers' accounts

New Coinbase Card Launches as a Visa Debit Card for Cryptocurrency in Both UK and EU

Coinbase lets UK users spend bitcoins with new Visa debit card

Even though, there have been "crypto cards" before, the one made by Coinbase does not require loading any amount of crypto on it in advance. The card itself is issued by payment processor Paysafe and works like any other debit card: You can make contactless, chip and PIN payments as well as withdraw cash from ATMs. The funding that fills up these cards comes from the account balance of the user's crypto wallet, which means that they can spend their tokens from Bitcoin, Ethereum, Litecoin, and others easily. When customers use their Coinbase Card, we instantly convert crypto to fiat currency, such as GBP, which is used to complete the purchase. The issuance fee (which Coinbase will waive for the first 1,000 people who sign up for the card) is £4.95.

Coinbase announced a new Visa debit card for its United Kingdom and European Union (EU) customers that lets them easily spend any of the crypto balances in their Coinbase account for paying for goods/services anywhere that Visa is accepted or for making cash withdrawals from ATMs.

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This is the first debit card to link directly with a major cryptocurrency exchange in the United Kingdom and EU.

At this stage, it's available for the United Kingdom clients, only, while other unspecified European customers might be supported in the coming months, the company said in a blog post. The card users can withdraw up to GBP 200 per month for free, while any amount over that sum is charged 1%-2%, depending on whether it's a domestic or global cash withdrawal. As per Forbes, Coinbase does not intend to go further than Europe with this card yet.

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The 2.49% additional fee is the "crypto liquidation fee", which is apparently incurred every time you make a transaction. The user will get real-time receipts, transaction summaries, and more. There is also "a monthly purchase limit of £20,000 and a yearly purchase limit of £50,000".

The company says it's also looking to launch its debit card in other markets over the coming months, but did not to provide a specific timeline. Reportedly, this is the first Coinbase's crypto-enabled debit card for United Kingdom and European Union residents - however, presently, it is available only in the UK.

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