The major San Francisco-based cryptocurrency exchange Coinbase has announced today on October 28, 2020, in a blog post that it is bringing its cryptocurrency Visa Debit Card to customers of the United States. The expansion to the US comes after it successfully launched its debit cards in the United Kingdom and Europe, respectively.
Crypto debit card will offer spending rewards
Coinbase’s cryptocurrency debit cards are already active in thirty different countries across the European Union (EU) and the United Kingdom. However, the special thing about this cryptocurrency card is that it will offer users spending rewards. Only users in the United States will be able to earn rewards in digital currency by spending through this visa debit card of the Coinbase exchange. However, the feature of spending rewards is not accessible to the residents of the UK and the European Union currently. Users will have the opportunity to earn up to 4 percent in cryptocurrency rewards, the exchange said in the blog post.
Moreover, users can spend all of the stablecoins and cryptocurrencies supported on the exchange in the United States via this debit card. While on the other hand, only nine digital currencies are supported on the United Kingdom and EU crypto debit cards including BTC, ETH, LTC, XRP, BCH, BAT, XLM, ZRX, and REP.
Those US users who choose to spend with the stablecoin USD Coin (USDC) will not be charged with any kind of fees. However, there is a transaction fee of 2.49 percent for non-USDC users. Apart from this, users will also not be charged any fees for signing up with the Coinbase Card. Furthermore, the exchange has set up a daily spending limit of $2500 for its US crypto debit card. €10,000 and £10,000 are the spending limits for the European Union and the United Kingdom cards.
A waitlist for US customers is opened
As per the blog post, the cryptocurrency exchange has opened a waitlist for the users of the United States who want to have Coinbase Visa Debit Cards.
However, these cards are expected to be distributed by the next year. But there has been no official launch date of this crypto card revealed by Coinbase.