- Coinbase has launched its crypto debit card in Spain, the Netherlands, France, Germany, Italy, and Ireland
- The card enables users to pay online and merchants accepting Visa cards with cryptocurrencies
- The exchange’s U.K. CEO says the product has received strong demand in Europe
Major cryptocurrency exchange Coinbase has launched its flagship crypto debit card in six new countries, reports CNBC, June 11, 2019.
A Major Push for Crypto Adoption
Coinbase, one of the largest cryptocurrency exchanges in the world by reported trading volume is going all-in with its crypto debit card. After having launched the card in the U.K. a few months back, the exchange has now launched the card in Spain, Germany, France, Italy, Ireland, and the Netherlands.
The Visa-enabled card allows users to spend their digital assets held in Coinbase exchange at retail shops – both offline and online – that accept debit and credit cards. Users can spend prominent cryptocurrencies like bitcoin (BTC), ether (ETH), and litecoin (LTC) through the card, the report reads.
Coinbase U.K. CEO Zeeshan Feroz told CNBC that the goal of the crypto debit card is to make crypto-enabled payments as seamless and easy as cash payments.
“You can buy groceries on bitcoin and then coffee on litecoin right after.”
Feroz added that the reception for Coinbase’s crypto debit card has been “extremely strong” since it made its debut in Europe in April. He said that the demand for debit card “blew past” the initial 1000 cards that the exchange had offered users for free.
The report reads in part:
“The card comes in a mobile app and syncs directly with Coinbase accounts. It is also available as a physical contactless card that can be used to withdraw cash from ATMs.”
While making the payment, users can choose in the mobile app what cryptocurrency they’d like to be debited from their account. It’s worth highlighting that instead of directly crediting the cryptocurrency to the merchant’s account, Coinbase charges a small fee that converts the customer’s digital currency into fiat which is then paid to the recipient.
Expanding the Business Footprint
The U.S.-based exchange has been on a continual path to expand its global business tentacles entering new markets to drive crypto adoption en masse.
Blockchain Reporter informed its audience on May 15, 2019, how Coinbase had expanded its services to 50 new countries, including the likes of Mexico, South Korea, and India, among others.