Coinbase Launches Crypto Debit Card in the US

Crypto exchange operator Coinbase announced the launch of Coinbase Card, a Visa debit card funded by Coinbase balance, for U.S. customers. For now, American users are able to join the waitlist for the card, and will have opportunities to earn up to 4% back in crypto rewards.

• Spend crypto everywhere Visa debit cards are accepted, worldwide: Coinbase Card holders can spend directly from their Coinbase accounts without having to move funds to their bank accounts. Cryptocurrency is converted to US dollars prior to completing purchases and ATM withdrawals.

• Earn up to 4% back in crypto rewards: Earn rewards using cryptocurrency through daily spending. At launch, customers can opt to earn 4% back in Stellar Lumens (XLM) or 1% back in Bitcoin (BTC).

• Seamless card management: Manage spending and rewards preferences directly through the Coinbase app. Customers can opt to spend stablecoins like USD Coin or other specific cryptocurrencies with the touch of a button.

Eligible customers can apply for Coinbase Card via the Coinbase app or on the web. The first customers will be approved this winter. Once customers are approved, they can spend with a virtual card right away and will receive a physical card in the mail within two weeks.

Coinbase stated that the card's U.S. launch is a "significant milestone," as it would help expand crypto's mainstream adoption. Customers can make everyday purchases like coffee and lunch or can shop online directly with the crypto in their Coinbase accounts. The utilities for cryptocurrencies are vast and have so much more potential beyond trading and investing.