The Coinbase Card is being launched today for United Kingdom customers only, but Coinbase does "plan to support other European countries in the coming months". 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.
The new debit card costs $6.50 (£4.95) to emit, and it enables customers to instantly convert their crypto through a new Coinbase app.
This is the first debit card to link directly with a major cryptocurrency exchange in the United Kingdom and EU.
Coinbase is making it seamlessly easy for customers to spend crypto with the launch of a debit card linked directly to their Coinbase account crypto balances.
Beside Coinbase's new VISA card, XRP can now be used to recharge mobile phone numbers, pay electricity bills, insurance, pharmacy requirements and more via crypto platform Uquid. Presumably it just uses whatever the exchange rate is on Coinbase at time of purchase, but I've asked Coinbase to be sure that there are no additional fees and will update this post when I hear back from them.
In the United Kingdom, the Coinbase Card has a GBP 4.95 "issuance fee" (which is waived "for the first 1,000 people to join the waitlist"). You can withdraw up to £200 per month at ATMs for free; anything above that will incur a fee of one percent domestically and two percent internationally. Global cash withdrawal fee is also zero for up to £200 per month, after which it's raised to 2% of value of withdrawal. Other potential fees, including transaction fees and crypto liquidation fees, are detailed in Coinbase's FAQ. The user will get real-time receipts, transaction summaries, and more. The monthly purchase limit is £20,000, with a yearly purchase limit of £50,000.
The San Francisco-based digital currency exchange said the card is now only available in the United Kingdom but will be heading to other European countries in the coming months. However, Coinbase has stated it has plans to support other European countries in the coming months.