Coinbase introduces debit card to make it easier to pay with cryptocurrencies, UK

Coinbase launched a debit card in the U.K. to make it easier for customers to pay using cryptocurrencies.

  • The Coinbase Card is a contactless Visa debit card that syncs directly with a user’s Coinbase account.
  • Many fintech companies are working on solutions to try to make crypto payments and trading more accessible.
  • Coinbase said it has an e-money license in the U.K. to enable the payments.

CNBC reports that digital currency exchange Coinbase launched a debit card in the U.K. on Thursday to make it easier for customers to pay in stores and online with cryptocurrencies like bitcoin, ethereum and litecoin. Coinbase U.K. CEO Zeeshan Feroz told CNBC in an interview in London. He said the card will give users the ability to spend and invest cryptocurrencies from one common platform.

“There’s a real advantage in actually being able to deposit crypto and interact with crypto because the crypto ecosystem is so much more than the investment aspect,” Feroz said.

One of Coinbase’s biggest rivals Binance, meanwhile, made a push of its own into debit and credit card payments via a partnership with fintech firm Simplex earlier this year. Coinbase said it would give the first 1,000 cards away for free to U.K. customers who sign up on a waitlist. After that, each card will cost roughly 5 pounds ($6.60).

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Mohsen Daemi
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