Cryptocurrencies are expanding the reach to the common people due to its magnitude and interest of millions of citizens in many countries. Gone are the days when complete reliance was important and required on fiat money because of the absence of options in the market. Thanks to Satoshi Naka Moto or the anonymous person who has brought the concept of bitcoin (BTC) and to an extent changed the life of many entrepreneurs globally.
Coinbase is also one of those major ventures brought in front of us when 80% of people were unaware about the decentralization, blockchain technology, and the most revolutionary invention which is called bitcoin and other cryptocurrencies.
Coinbase founded by Brian Armstrong and Fred Ehrsam in June 2012, headquartered in San Francisco, California. The digital currency exchange deals in buy/sell trading functionalities for Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC) with fiat currencies in over 32 countries worldwide. In fact, approximately in 190 countries, the company provides cryptocurrency storage facility in the form a crypto wallet, which stores the public and/or private keys (passcodes) that is useful in tracking ownership, along with the spending and receiving of cryptocurrency transactions swiftly.
The leading cryptocurrency exchange and service platform in its latest move launched a cryptocurrency visa debit card facility which supports “all crypto assets available to buy and sell on the Coinbase platform” for its UK based customers. Now the users can use a conventional and habitual plastic Visa debit card for spending through cryptocurrency in stores and on online websites for the goods and services instead of just keeping it untouched like an asset. The customers in order to complete the purchase can easily and instantly convert their cryptocurrency into fiat using Coinbase Visa Debit Card. Later on, this facility would be going to roll out in other European countries as well. According to the Coin Base medium blog publishedon April 2, 2019.
Further, in order to smoothen out its services for the customers, the trailblazer also launched Coinbase Card app facilitating iOS and Android users to supervise and administer their spending spontaneously. The exclusive app would link Coinbase user account, choice of wallet, and visa debit card to process amount transfer. So, the instant receipts, transaction summaries, spending categories, and many other features can be deployed by the customers.
“People are allowed to pay easily whether for a meal with bitcoin, or use of Ethereum to book train tickets. The card is suitable for all contactless payments as well as ATM withdrawals”
Issuance Coinbase Visa Debit Card & Development of App
Coinbase collaborated with Paysafe Financial Services Limited, a legitimate and an authorized organization by Financial Conduct Authority (FCA) which is issuing the Visa debit card. The blog denoted.
For the Coinbase Card app development Apto Payments joined the forces with Coinbase, The facilitator earlier known as Shift Payments, based out in San Francisco Bay Area, West Coast, Western US. Interestingly, Shift Payments is the same establishment which Coinbase earlier teamed up to issue the cards for US customers which are not available now.
Reportedly, the customer has to bear total 2.49% transaction fee which is a combination of conversion fee charge 1.49% and transaction fee charge 1% for the UK. Above all, there is a chargeback fee that would monthly cost £20 ($26.20).
Good news is as per the announcement, Coinbase is waiving off £4.95 ($6.50) card issuance fee for its first 1,000 customers who are reflecting in its joining wait list. Also, the Visa debit card comes with no maintenance fee, and no ATM withdrawals fee conditioned the monthly withdrawal limit of less than £200.