Coinbase has announced details of improvements to its crypto debit card.
On October 28, 2020, Coinbase published a blog post introducing the Coinbase Card. On that date, customers in the United States could join the waitlist for Coinbase Card, a Visa debit card that allowed “to use crypto for online and in-store payments and purchases as well as for cash withdrawals from ATMs’.
Coinbase said at the time that Coinbase Card offered the following benefits:
- ability to “Spend crypto anywhere Visa debit cards are accepted, worldwide”
- ability to “earn up to 4% in crypto rewards” (initially customers could “choose to earn 4% in Stellar Lumens (XLM) or 1% in Bitcoin (BTC)”)
- “Transparent card management” through the Coinbase app
Although Coinbase Card was available at launch to “customers in nearly 30 countries”, the rewards program was initially only available to customers in the United States.
In a blog post published on Wednesday, April 6, Muneeb Imtiaz, Senior Product Manager at Coinbase, explained how he is improving the Coinbase Card experience:
“With Coinbase Card’s upcoming rotating rewards structure, customers will be able to earn a wider variety of crypto rewards to diversify their crypto portfolio. We’re also waiving transaction fees for all crypto spend and allowing customers to get paid on Coinbase with no fees on deposits so they can easily fund their card in any currency. With millions of transactions to date, we plan to remove the waitlist later this spring to allow all US customers to sign up for Coinbase Card.“
Coinbase said that “soon, customers will have the ability to easily earn new assets from a rotating list of crypto rewards simply by swiping their card. “
No more transaction fees
Since customers were telling them that “crypto spending fees on non-USDC assets are a barrier to using crypto for everyday purchases,” they are “removing transaction fees for crypto spending on the Coinbase Card “.
Coinbase “now gives customers more options to easily load their card, so they can have some or all of their paycheck deposited into Coinbase with no fees on direct deposits.”
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto-assets involves the risk of financial loss.