Coinbase Debit Card Released in the UK

Image Coindesk

Image Coindesk

The Coinbase Card is a Visa debits card, and it is available to both United Kingdom and European Union customers.

Transactions will be facilitated through contactless and chip and pin as well as via cash withdrawals from ATMs.

You can spend any cryptocurrency that is supported by in the jurisdiction that you live in, as long as you have a non-zero balance in the wallet for that cryptocurrency in your account. The VISA card will link directly to a customer's account, and allow them to instantly convert their crypto into fiat currency for everyday spending.

The leading United States crypto exchange says the card is coming to the United Kingdom first, and will let users pay with their digital assets directly.

The California-based Coinbase cryptocurrency exchange has launched new Crypto-enabled VISA card with support of multiple cryptocurrencies including XRP.

Bitcoin, Ethereum, Litecoin, and all other cryptocurrencies present on Coinbase are supported, the company said. You can see a detailed overview here, but these are the highlights: There's no monthly fee associated with owning the card. However, to celebrate the launch of Coinbase Card, the issuance fee will be waived for the first 1,000 users to join the waiting list. Global cash withdrawal fee is also zero for up to £200 per month, after which it's raised to 2% of value of withdrawal. Domestic purchase transactions are for free, while the rest is charged 0.20%-3%.

UPDATE: April 11, 2019, 12:31 p.m. CEST Coinbase got back to me with some answers, and the picture is quite different (read: far worse) when you add up all the fees.

"The process is that crypto, equivalent to the amount spent, is liquidated immediately into fiat ensuring the correct value is captured at the time of the transaction". The monthly purchase limit is £20,000, with a yearly purchase limit of £50,000. Finally, the daily ATM withdrawal limit is GBP 500.

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.

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