Coinbase is making purchases easier for its customers. They will now be able to utilize their digital assets as any other fiat currency.
The Coinbase Visa Card functions like any other debit card and will give customers the possibility to acquire goods at several retail stores through Apple Pay and Google Pay. The drawings will be made in real-time from users’ cryptocurrency wallets and the service will only be available in the United States except for Hawaii.
“Using Coinbase Card with Apple Pay and Google Pay makes it even easier to spend and grow your crypto. This is just the beginning — we’ll continue to build more ways for you to maximize crypto rewards and easily use crypto in your everyday life.”Coinbase blog post
The news was disclosed in a blog post by Coinbase earlier today, June 1st. The company will also start giving cash-back spending reward features this week. Those that already own a Coinbase Card can add it to their Apple Wallet through the mobile application.
“Mobile phone payments are growing steadily in the US, up 29% in 2020. Millions of people around the world use Apple Pay or Google Pay for everyday purchases, from grocery deliveries to pet supplies to home office goods. Now, you can earn up to 4% back in crypto rewards on this shopping when you use your Coinbase Card with Apple Pay or Google Pay.”Coinbase blog post
The Coinbase card will work by converting users’ digital currency into fiat at the point of purchase. There will be applied Coinbase’s standard conversion fees and it will be offered 4% rewards in Stellar Lumens and 1% in bitcoin. Coinbase is currently working on the waiting list and is sending its users invites to sign up.
“If you’re already on the Coinbase Card waitlist, you’ll soon receive your email invitation and will complete a quick application. Once you’re approved for your card, you can easily begin spending with Apple Pay and Google Pay — there’s no need to wait for your physical card. Even when it arrives, you don’t have to worry about carrying it around at all times.Coinbase blog post