Coinbase(USA based Crypto Exchange) Launches Visa-Enabled Debit Card, But only for UK.
USA based cryptocurrency exchange Coinbase has launched Coinbase Card, a prepaid(Crypto-backed) Debit card that allow users to “spend crypto in the same way like bank balance. The News was published in coinbase’s blog post
Coinbase Card is a Visa based Prepaid debit card linked to coinbase user’s account. It is issued by Paysafe Financial Services Limited which enables user to pay in any store and online using bitcoin, ethereum, litecoin etc. Customers can swipe their card in Visa supported locations(millions) around the world, making payments through contactless, Chip and PIN mode or can also process cash withdrawals from ATMs. When customers use their Coinbase Card, It immediately convert crypto to fiat currency, for example GBP, which is used to complete the purchase.
“Coinbase Card has $4.95 issue fee, which is waived off for first 1000 customers who joins the waitlist for the card, as informed by Coinbase.” This card currently is available in UK only, while EU countries can be added soon.
Coinbase also released Coinbase Card app for iOS and Android platforms which links customers’ Coinbase accounts with the app. It supports all crypto assets available to buy and sell on the Coinbase platform. The app also offers instant receipts, transaction summaries, spending categories, and more.
PaySafe, the U.K. payment processor, which is issuing the cards is Authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011(FRN: 900015) for issuing of electronic money and payment instruments.
Paysafe Holdings UK Limited or paysafe provides solution to process and enable payments globally for merchants. Paysafe offers a suite of capabilities to merchants across online card acceptance, in-store card and mobile acceptance, alternative payment methods acceptance and localised credit solutions. All delivered through access to a global payment network. Paysafe group is better known due to their flagship Payment processors Skrill and Neteller.