In recent years, people have become more inclined towards investing in Bitcoins and other cryptocurrencies, but still most of the times, they are not sure of how to spend their cryptos. But now, Coinbase has announced that it is going to launch a debit card that will allow people to spend their cryptocurrencies on daily expenses.
Although Coinbase had support for the Shift card, a similar card that allowed the users to liquidate their cryptos, and use them to withdraw cash at various stores. But almost two months ago, Shift discontinued its services with Coinbase, and now Coinbase itself has come with a more feature-rich debit card for its users.
The company is launching a debit card along with a Coinbase Card app, that will help the users to manage all their cryptocurrencies and choose among those cryptocurrencies as to which one they want to spend. The app will generate instant receipts, notifications on every transaction and will help the user to manage their crypto balance. The card can also be used for ATM withdrawals with a free withdrawal limit of £200 per month, and also does not have any maintenance cost.
The card is a Visa debit card issued by PaySafe and will cost a 2.49% interest on every purchase made through it. Issuing the card alone will charge the user a £4.95 ($6.48). The card will come with a spending limit of £10,000 ($13,092) per day and every reverse transaction will cost the user a £20 ($26.19).
Earlier in 2017, the London Block Exchange was working on a similar Visa card but failed to launch one. Also, many other companies have developed such cards in the past, but to use those cards the users had to pre-load a specified amount on them.
Coinbase will be responsible for every conversion of the crypto into fiat, and the amount will be deducted on the basis of the current rate of the cryptocurrency. With the Coinbase debit card, the users will be able to spend on movie tickets, food and other similar purchases. For now, the company has only announced the debit card for its UK and EU users.
Yashica is a Software Engineer turned Content Writer, who loves to write on social causes and expertise in writing technical stuff. She loves to watch movies and explore new places. She believes that you need to live once before you die. So experimenting with her life and career choices, she is trying to live her life to the fullest.