The "Coinbase Card" debit card reportedly supports cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Litecoin (LTC). According to Coinbase, spending cryptocurrency will be as easy as using a bank account. When customers use the Coinbase Card for payment, the backend system automatically converts the cryptocurrency into fiat currency (such as GBP).
In addition, the card supports the buying and selling of all cryptocurrencies on the Coinbase platform, making it convenient for everyday expenses like dining out and purchasing tickets. Unlike previous similar products, it does not require a reserve of cryptocurrency in the card for spending.
Furthermore, the exchange has introduced a companion Android/iOS app that allows customers to choose which cryptocurrency wallet to fund their spending with, providing instant receipts, transaction summaries, and spending categories.
It is worth noting that Coinbase announced waiving the £4.95 ($6.48) issuance fee for the first 1000 customers.
The company spokesperson confirmed to CoinDesk that the issuing bank for the card is PaySafae in the UK.
In addition to the Coinbase Card, a startup called 2gether announced last month that they are launching a prepaid Visa debit card that supports cryptocurrencies, including BTC, ETH, XRP, BCH, EOS, XLM, and LTC, alongside the Euro.
