Cryptocurrency company Coinbase has been working with Paysafe to issue the Coinbase Card, a Visa debit card that works with your Coinbase account balance. The company is now a Visa Principal Member, which should help Coinbase rely less on Paysafe and control a bigger chunk of the card payment stack.
Coinbase says it is the only cryptocurrency company that has reached that level of certification. The company will offer the Coinbase Card in more markets in the future. The new status could open up more possibilities and features as well.
While Coinbase originally launched the Coinbase Card in the U.K., it is now available in 29 European countries. It works with any Visa-compatible payment terminal and ATM. Users can decide in the app which wallet they want to use for upcoming transactions. This way, you can spend money in 10 cryptocurrencies.
There are some conversion fees just like on Coinbase. In addition to those fees, there can be some additional fees if you withdraw a lot of money or make a purchase abroad.
Still, half of users who ordered a card are actively using it. The U.K., Italy, Spain and France are the main markets so far. Bitcoin and other cryptocurrencies might not replace Visa and Mastercard just yet, so traditional debit cards represent a good alternative for now.