One of the largest and most popular cryptocurrency exchanges out there has decided to up its game in the UK.
One of the largest and most popular cryptocurrency exchanges out there has decided to up its game in the UK. Coinbase took time to announce that it has launched a crypto debit card for its customers in Great Britain.
In times when cryptocurrency adoption is struggling to make a breakthrough, Coinbase has decided to make the first step towards it. The chief executive of Coinbase UK, Zeeshan Feroz, was quoted saying:
“The UK is a great first market for the Coinbase card with its thriving fintech ecosystem and consumer willingness to try new ideas. The Coinbase Card will initially be available in the UK with a view to going live, in the coming months, across all European markets in which Coinbase operates.”
What separates Coinbase Card from other similar services is that it does not require users to pre-load their cards with any digital assets. Instead, it is connected with their exchange accounts. This allows Coinbase to automatically convert crypto to fiat and vice versa whenever needed.
“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. Funds are debited immediately from customer’s account,” Feroz explained.
Owners of Coinbase Card could spend up to 10,000 GBP per day. The maximum daily withdrawal limit is set to 500 GBP in cash.
Now let’s talk fees. Each transaction will be charged 2.49% (1% transaction fee + 1.49% conversion fee). Surprisingly, domestic ATMs will not charge cards for withdrawals up to 200 GBP per month. Every transaction surpassing the 200 GBP mark will be a subject to a 1% withdrawal fee. On the other hand, international fees will apply whenever the owner uses the card abroad.
Alongside its Card, Coinbase is launching a new app, which should make it easier to choose and control the wallet backing the plastic. Undoubtedly, this would serve as a huge boost to cryptocurrency adoption. Technically, UK residents would be able to spend their tokens both online and in-store.
Some see this as an effort from Coinbase to clear its name. The exchange infuriated the community when it acquired Neutrino, a startup related to data trading with oppressive regimes.