Visa and Coinbase team up to create crypto-backed debit card

In another example the financial services industry converging fiat and digital currency, Visa today announced a debit card that will allow users to buy things using fiat money converted from cryptocurrency stored in online wallets.

The new Coinbase Card it is directly tied to the a person’s cryptocurrency balance in digital wallets managed by the eponymous digital currency exchange.

Coinbase enables the trading of Bitcoin, Ethereum, Ripple’s XRP and Litecoin, all of which will also be spendable through the new debit card.

Coinbase

Visa, one of the world’s largest payment processors, said the Coinbase Card will allows users to “spend crypto as effortlessly as the money in their bank” and make cash withdrawals from any ATM. The cryptocurrency will initially be converted into British pounds, Euros or U.S. dollars.

“Customers can use their card in millions of locations around the world, making payments through contactless, Chip and PIN,” Coinbase UK CEO Zeeshan Feroze wrote in a blog post on Medium. “When customers use their Coinbase Card, we instantly convert crypto to fiat currency.”

An Coinbase Card mobile app will allow consumers to see spending summaries, transaction receipts, and get instant notifications.

Crypto Destroyer

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.