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A while ago, the largest crypto exchange in the US, Coinbase, announced that it will launch its own crypto card, known as Coinbase Card. The card is finally here, and the exchange revealed yesterday that US customers can already start joining the waitlist.
Details about Coinbase Card
As some may already know, Coinbase Card is a crypto debit card, which can be used for payments and purchases in any shop or with any service provider that accepts Visa. It can even be used for ATM cash withdrawals.
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Not only that, but those who use it will be able to earn up to 4% back in crypto rewards. The exchange’s announcement revealed that users will be able to opt between earning 4% back in Stellar (XLM) or 1% back in Bitcoin (BTC).
While the card will initially only be available for US citizens, they will still be able to use it anywhere in the world where Visa cards are accepted.
Spending management and reward preferences can be set up directly in the Coinbase app. Users can then choose to spend specific cryptocurrencies, including stablecoins like USD Coin (USDC).
What else is there to know about the card?
Applying for the card is easy, and users can do it either via the Coinbase app, or on the web. Those who apply among the first will be approved at some point this winter, with the physical card arriving via mail within two weeks from the moment of the approval.
The card is also available in almost 30 other countries, as well, which includes the UK and many other European countries. However, the rewards program will only be available in the US, at least for now.
Coinbase also noted that the introduction of its card was a significant milestone in the exchange’s efforts to push crypto adoption by offering genuine utility.
And, of course, the exchange plans to continue building upon its offerings to create new useful ways to manage and use crypto for its customers. The card will come with no issuance fees, although conversion fees may apply.