After making its card debut in the UK a couple of months back, digital currency exchange Coinbase is expanding into Europe where it will be launching its cryptocurrency based Visa debit card in Germany, France, Italy, Spain, Ireland, and the Netherlands.
The debit card will entitle Coinbase account holders to use cryptocurrencies like Bitcoin, Litecoin, and Ethereum for spends in stores and online purchases where merchants accept Visa. The card is currently available in two forms: As a mobile app with a direct link to the user’s Coinbase account, and as a physical contactless card that customers can use to withdraw cash from ATM’s. While customers can choose to make payments from either of the three cryptocurrencies, Coinbase would charge users a fee to convert their fiat currency into digital currency.
The debit card offering by Coinbase follows key competitor Binance’s offering of crypto-based debit and credit cards earlier this year. With a handful of Fintech start-ups already offering crypto trading on their platforms and a large number of financial institutions and tech firms in the process of allowing crypto payments, Coinbase expects to advance the card offering to other markets, including the US.