Cryptocurrency exchange Coinbase has revealed a Visa debit card, enabling clients in the U.K. and EU to spend cryptocurrencies straight from their Coinbase accounts.
The San Francisco-based company revealed the news in a blog post on April 10, stating that with the “Coinbase Card,” clients will be allowed to spend their bitcoin (BTC), litecoin (LTC), ether (ETH), and other cryptocurrencies “as effortlessly as the money in their bank.”
The exchange stated it will “instantly” exchange cryptocurrency to fiat currency, like British pound (GBP), when users finish a transaction utilizing the debit card.
According to the announcement, the card supports all crypto assets listed on the Coinbase platform, and users can utilize them to purchase everyday needs like food, as well as booking tickets.
Coinbase said that users had to pre-load the card with preferred cryptocurrency in order to spend.
The exchange has also introduced an app for the card on both iOS and Android platforms, allowing users to choose which cryptocurrency wallet they will utilize for their spending. The app also provides “instant” receipts, spending categories, and transaction summaries.
According to Coinbase, the card issuance fee of £4.95 ($6.48) will be waived for the first 1,000 customers.
U.K. payment processor PaySafe is the issuer of the cards.
Meanwhile, banking startup 2gether also stated last month that it was introducing a prepaid Visa debit card that enables customers to spend cryptocurrencies. Through the 2gether card, users will be allowed to pay with either euros or any of these seven cryptocurrencies: BTC, bitcoin cash (BCH), XRP, ETH, EOS, litecoin (LTC), and Stellar (XLM).