Credit card giant Visa has previously thwarted almost all attempts to have its card and its name tied to anything related to cryptocurrency. Its position has softened slightly in recent times, driven possibly be the realization that its continued fee increases were chasing away customers (or, perhaps, they just believe in keeping their friends close and their enemies closer). Regardless of the reason, Visa has apparently agreed to a deal with Coinbase to allow a new Visa-branded debit card for the cryptocurrency exchange’s clients in the UK.
According to a Coinbase blog post, “We’re excited to announce the launch of Coinbase Card, a Visa debit card that lets customers in the UK spend crypto as effortlessly as the money in their bank.
“Coinbase Card is powered by customers’ Coinbase account crypto balances, giving them the ability to pay in-store and online using bitcoin, ethereum, litecoin, and more. Customers can use their card in millions of locations around the world, making payments through contactless, Chip and PIN, as well as cash withdrawals from ATMs. When customers use their Coinbase Card, we instantly convert crypto to fiat currency, such as GBP, which is used to complete the purchase.”
This, if it isn’t yanked like other Visa-branded crypto products in the past, will go a long way toward allowing crypto fans to use their digital assets the way they were intended – as currency. The cards are issued by Paysafe Financial Services Limited for UK customers only, but there are plans to roll out the cards across Europe in the near future. Paysafe is registered with the Financial Conduct Authority in the UK.
Coinbase has also introduced the Coinbase Card app for Android and iOS devices. When the app is linked to the card,