Coinbase Launches VISA Debit Card in UK
Coinbase, the largest cryptocurrency exchange in the US, announced on Wednesday the launch of a VISA debit card that enables UK residents to use their coins stored with the exchange in daily transactions, including paying online or in-store. Thus, users can easily buy goods and services with Bitcoin, Ethereum, and other digital coins, which can contribute to the wider adoption of cryptocurrency as a means of payment.
Coinbase Card Can be Used Worldwide
While the Coinbase Card is available in the UK, customers can use it to pay with any merchant around the world that supports VISA. Also, users can withdraw fiat money through ATMs. When the card holder makes a transaction or withdraws funds, Coinbase instantly converts the cryptocurrency to fiat, like GBP.
Besides the card itself, the exchange operators announced the launch of the Coinbase Card app, which allows clients to pick which of their digital wallets they would like to use to fund their card spending.
Coinbase said in its blog:
Coinbase Card supports all crypto assets available to buy and sell on the Coinbase platform, meaning they can pay for a meal with bitcoin, or use ethereum to fund their train ticket home. The app also offers instant receipts, transaction summaries, spending categories, and more.
The US company issues the card in collaboration with Paysafe Financial Services, a company that is licensed with the Financial Conduct Authority (FCA) to offer electronic money and payment tools.
The contactless card can be obtained for a £4.95 issuance fee, but Coinbase said it would offer it for free for the first 1,000 users who join the waitlist.
The app is already downloadable on Android or iOS mobile operating systems. Once the user links the app with the Coinbase account, the balance can be instantly used via the virtual card.
While the card is currently available in the UK only, Coinbase said it would launch a similar service in other European countries in the coming months.
The announcement was met with mixed opinions by the community, with some suggesting that this is a huge step in the competition with Binance while others being dissatisfied by the fees, which are “outrageous” or “disgusting.”
Coinbase Pro Adds EOS, MKR, REP
Coinbase Pro, the exchange and wallet platform aimed at professional traders, now accepts inbound transfers of three popular digital coins, including EOS, Augur (REP), and Maker (MKR), according to Monday announcement.
Coinbase said that EOS and REP could be traded in all jurisdictions where Coinbase Pro is available, except the New York state, while MKR can be traded by Coinbaise Pro clients outside the US.
Initially, Coinbase Pro accepted only deposits of REP, EOS or MKR, and trading started only after sufficient liquidity was established. Now users can trade the following pairs: EOS/USD, EOS/EUR, EOS/BTC, REP/USD, REP/EUR, REP/BTC, MKR/BTC, and MKR/USDC.
The launch of the three digital coins is carried out in four stages. The “transfer-only” stage allowed clients to only deposit EOS, MKR or REP to their Coinbase Pro accounts. The “post-only” stage enabled users to place limit orders for trading pairs but without expecting matches (completed orders), as they became available in the “limit-only” stage. In the final stage, clients can enjoy the full trading services, including limit, market, and stop orders.
Interestingly, the news didn’t a major impact on the price movement of the three coins, with EOS, MKR, and REP following the bearish correction led by Bitcoin.
The addition of the three cryptocurrencies comes a few days after Coinbase Pro announced the support for Ripple (XRP) and Stellar Lumens (XLM).
Anatol has been writing for our news site for a year and is the newest member of our team. While he’s new to us, he’s certainly not new to trading with over 10 years’ experience being a professional financial journalist and working in the markets.