CNBC has reported that Coinbase, the Crypto and wallet service based in the United States, has unveiled its Visa debit card. The debit card will be offered in six European countries where the exchange’s users will be able to spend their digital assets.
Coinbase Card Accepted At All Merchant Stores Accepting The Visa Card
According to the CNBC report made on the 11th of June, starting today, holders of the card based in Netherlands, Germany, Spain, France, Ireland and Italy can use the card. The Coinbase card comes linked to a mobile app which is available in both iOS and Android devices. The cards are synced directly to the users Coinbase accounts and also come in a physical form which can be used in the withdrawal of fiat currencies from an ATM (automatic teller machine).
According to the report, this new offering from Coinbase purports to give users the ability to spend any digital asset in their Coinbase accounts at any store accepting Visa debit cards. In order to make a purchase using the cards, users have to first choose the currency they would like to use in the app after which Coinbase converts it into fiat currency. The conversion comes at a fee.
Users now have the freedom to use whichever cryptocurreny they hold in their Coinbase accounts. Zeeshan Feroz, the CEO of Coinbase UK commented that users now have the ability to buy groceries using Bitcoin and coffee in Litecoin.
Coinbase Continually Expanding Offerings
This is not the first time the card is launching. It had initially launched in April exclusively for users within the United Kingdom. Paysafe Financial Services Limited issued the cards at the time of the launch. It is a certified electronic money and payment instruments provider regulated by the Financial Services Authority.
Throughout the year, Coinbase has been seen as continuously adding to its offerings portfolio. In May, the San Francisco-based exchange announced that it was expanding its trading services to fifty additional countries as well as adding the support of USDC to 85 countries. Additionally, the exchange announced the support for the Dai stablecoin. The stablecoin, which was added on the Coinbase Earn Program, enables users to earn digital assets for watching educational videos.
Despite the recent expansion of its offerings, Emilie Choi, the exchange’s corporate and business development Vice President, has said that it is currently not looking into investing in a decentralized exchange.
Coinbase Not Investing In A Decentralized Exchange
These sentiments arise even despite the fact that the Crypto exchange acquired a decentralized peer to peer trading platform which was to be integrated to the Coinbase Pro platform. Choi has said that for Coinbase to offer a decentralized exchange, it first has to make sure that it is done in a manner that is not only safe and secure but also compliant. She stated that currently, how this would be possible is not clear.
The Vice President added that although the exchange considers the space interesting, it is not actively investing in it at the moment.