Zeeshan Feroz, CEO (UK) at Coinbase shared news on 10 April about the launch of Coinbase Card, a debit card that lets customers in the United Kingdom spend crypto similar to money in their bank.
Zeeshan commenced by informing that Coinbase Card is directly connected to the customer’s Coinbase account. This facilitates the customers to pay their retail and online expenses through Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) or other altcoins. Customers can avail using the card in a multitude of locations around the world.
Zeeshan further cited on the utility of the card as –
“To help customers manage their spend, we’ve also launched the Coinbase Card app, which enables customers to select which of their crypto wallets they will use to fund their Coinbase Card spending. 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.”
Zeeshan added that the app also offers instant receipts, transaction summaries and spending categories. He clarified that the card works in a contactless mode using the Chip and PIN. Customers can also use the card to withdraw money from an ATM. Zeeshan explained that when customers transact using the card, internally crypto is converted into fiat currency and the purchase goes through.
Zeeshan expressed that in order to address early-bird offers, the exchange was waiving the 4.95 British pound sterling issuance fee. This offer would be limited to the first thousand people who join the waitlist. Zeeshan added that Coinbase customers can download the respective mobile app and link their account. Once linked, the customers can start using their virtual card while their Coinbase Card would be sent in the post.
Recently, Coinbase added an additional layer of security to prevent a type of compromise called ‘credential stuffing’. Access to credentials from one website may be tried on other websites to gain unlawful entry. The exchange hoped to address this form of attack through a proactive check and prompt alert to its customers.
Zeeshan concluded by noting that this was the first debit card to be linked to a major crypto exchange in the EU and UK. He emphasized the ability to keep crypto account online and use it easily. Zeeshan stated that the card was currently available only in the UK and would be rolled out to other European countries in the coming months.