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The plan to make the crypto world more like the traditional financial market may not be a dream for only the delusional anymore. Each day paves way to breathtaking innovative ideas that make it more of a reality than a delusion. While there are several grounds to cover before bringing this dream to fruition, it is worthy to note that the crypto space keeps growing by leaps and bounds as days roll by.
Today, the crypto space celebrate what may just be called the most remarkable crypto news of the year – a crypto debit card dubbed Coinbase Card. Coinbase, one of the world-leading crypto exchanges, based in the United Kingdom, announced on April 11 that it is set to launch the first crypto debit card in Europe.
The Coinbase Card is designed like the regular Visa debit cards and functions like regular Visa debit cards too. This card is proposed to enable Coinbase customers to effortlessly withdraw digital funds from their crypto wallets and pay for goods and services both online and in local stores. Like every other debit card, the Coinbase Card will allow withdrawal of fiat currencies from automated teller machines (ATMs); the card will also enable to pay for goods and services. Instead of a bank account associated with regular debit cards, each Coinbase Card is linked to the customer’s crypto wallet. Therefore, every withdrawal or payment made will be deducted from the wallet.
The crypto exchange also made available a Coinbase Card app that is compatible with both Android and iOS. With the app, users will be able to link their cards to the desired wallet address. You get the opportunity to choose which crypto wallet you want to make payment from. This will help users to regulate how they spend their virtual currency. In addition, this app offers receipts for each payment made, spending categories, transaction summaries, and lots more.
To celebrate the launch, the exchange announced that the £4.95 issuance fee will be waived for the first 1,000 people who would join the waitlist.
This makes an easy and more convenient way of using crypto coins as money compared to having to exchange your crypto coins for fiat currency before use.
The card currently works only in the United Kingdom. However, it is compatible with all crypto coins available on the Coinbase platform. These include Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), etc. The crypto exchange also announced that plans are underway to extend this effortless crypto payment system to other European countries.