Coinbase launched its own debit card in the U.K. on Thursday, in an effort to promote the use of cryptocurrencies in payments as well as investing.
Coinbase
Digital currency exchange Coinbase announced Wednesday its Visa debit card is to launch in six more European countries after debuting in the U.K. in April.
The card allows users with Coinbase accounts to spend cryptocurrencies like bitcoin, ethereum and litecoin in stores and online at any merchant that accepts Visa.
Coinbase U.K. CEO Zeeshan Feroz told CNBC in an interview the goal of the card is to make payments with digital currencies as seamless as paying with cash.
“You can buy groceries on bitcoin and then coffee on litecoin right after,” he said.
As of Wednesday, the “Coinbase Card” will be available in Spain, Germany, France, Italy, Ireland and the Netherlands. Feroz said the card has seen “extremely strong take-up” since it launched in the U.K. in mid-April. He did not disclose specific figures but said the company “blew past” the initial 1,000 cards it offered users for free.
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.
Users can decide which cryptocurrency they would like to use to make a payment in the mobile app. Rather than paying retailers directly with crypto, Coinbase charges users a fee to convert fiat money, like the euro, into a digital currency.
Start-ups, banks and tech companies are increasingly trying to make crypto payments and trading more accessible. Coinbase rival Binance, one of the world’s largest cryptocurrency exchanges, partnered with fintech firm Simplex to offer debit and credit card payments with crypto earlier this year.
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