The Visa-debit card is linked to Coinbase users’ wallets, allowing them to spend their digital assets at millions of Visa-approved merchants. The card instantly liquidates the available crypto in a Coinbase account for the equivalent amount in Euros (or GBP), paying the merchant in fiat.
While Coinbase has not been forthcoming about the card’s demand so far, Zeeshan Feroz, CEO of Coinbase U.K., told CNBC it “blew past” the first 1,000 cards issued for free. The card was the first of its kind for a major crypto exchange in the UK.
The fee structure stands at £4.95/€4.95 for ordering the card, plus 2.49% per purchase. The Visa debit card is issued by PaySafe and can be managed using an iOS or Android app.
A source close to the matter said launching in the US would take much longer than the EU due to regulatory issues.