Coinbase launches debit card service in six European countries

The largest US digital currency exchange, Coinbase, is expanding its Visa debit card service to more countries in Europe, CNBC has reported.

Having launched the service in the UK in April, the San Francisco-based company announced earlier today that Coinbase Card was now available in Spain, Germany, France, Italy, Ireland and the Netherlands. This means that Coinbase users in those countries will be able to use the card to shop with cryptocurrencies in stores and online at any merchant that accepts.

According to Zeeshan Feroz, chief executive officer of Coinbase UK, the card was aimed at making it easier for people to pay with crypto.

“You can buy groceries on bitcoin and then coffee on litecoin right after,” Feroz said in an interview with CNBC.

The chef executive also indicated that the coin had enjoyed a strong reception in the UK. While he did not provide specific figures, he said that the company “blew past” the initial 1,000 cards it offered users for free.

The coin is available as a mobile app that syncs with Coinbase accounts and also as a physical contactless card that can be used to withdraw cash from ATMs, CNBC notes. When a user decides to use the card for payment, the company converts a cryptocurrency of their choice to fiat money, charging a fee for the service.

Other blockchain companies have also taken steps to improve the accessibility of crypto payments and trading. For example, Binance, which is one of the largest digital currency exchanges in the world by trading volume, earlier this year partnered with fintech firm Simplex to offer a similar debit and credit card service.

Coinbase is looking to expand its debit card service to other markets, but for this to happen the company needs to find the right banking partners. Feroz told CNBC that the US is part of the company’s plans for the service.

Featured image: Useacoin / Shutterstock.com

Add Comment