Building the crypto-economy’s main financial account, Coinbase launches debit card – Tearsheet
Coinbase launches Coinbase Card in the United States
The product: Starting today, Coinbase customers in the United States can join the waitlist for the Coinbase card, a Visa debit card that allows customers to spend cryptocurrency anywhere cards from Visa debit are accepted. The card automatically converts cryptocurrency to US dollars for purchases and withdrawals at ATMs. The Coinbase card offers up to 4% rewards on all purchases. Customers can choose between 1% Bitcoin (BTC) rewards or 4% Stellar Lumens (XLM) rewards.
Why it matters: The technical challenge of buying, holding, and selling cryptocurrency has been a barrier to further adoption of crypto as a medium of transaction. The launch of a debit card in addition to crypto holdings is a big step forward for the actual application of cryptocurrency. Coinbase debit card holders can spend directly from their Coinbase accounts without transferring funds to their bank accounts.
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Cryptocurrency companies continue to develop products and services to make digital currencies more accessible to the public. Last month, Kraken, a popular cryptocurrency exchange, was the first cryptocurrency exchange to receive a state bank license. This new license from the state of Wyoming will allow Kraken to accept dollar deposits.
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