Cryptocurrency exchange Coinbase has launched its own crypto-focused debit card by Visa called Coinbase Card. From now on, the exchange's clients in the US can join the waitlist for Coinbase Card, a card for payments and purchases online and in-store as well as for ATM cash withdrawals.
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Coinbase claims the card also has support for rewards so that users can earn up to 4% back in crypto rewards. Thanks to Visa, the cardholders could spend digital currencies everywhere Visa debit cards are accepted. However, the cryptocurrency payments are not fully crypto-based as digital assets are converted to US dollars prior to completing purchases and ATM withdrawals.
"The introduction of Coinbase Card was a significant milestone in our efforts to create mainstream adoption of crypto as a genuine utility," the exchange said in an announcement.
Coinbase says the cardholders could earn up to 4% back in stellar lumens (XLM) or 1% back in bitcoin (BTC) at launch. While the card is already available in nearly 30 countries, the rewards program will initially only be available only to customers in the US.
While it is not clear who will receive funding nor the size of the sponsorship itself, Coinbase plans to grow and improve the entire crypto industry, while making it simpler to use and more secure for everyone.
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