Coinbase announces the Coinbase Card, a Visa debit card allowing people to spend cryptocurrency in millions of locations in the UK.

One of the greatest hurdles for cryptocurrency to overcome is mainstream adoption. A lot of people are still confused by Bitcoin and other cryptocurrencies, and then there’s the issue of not being able to easily use crypto for everyday purchases. Well, that hurdle is now overcome for residents of the United Kingdom as Coinbase announces the launch of a Visa debit card tied to the exchange.

Announcing the Coinbase Card

The new debit card is called the Coinbase Card and is being issued by Paysafe Financial Services Limited, who is authorized by the UK’s Financial Conduct Authority to issue electronic money and payment instruments.

This is the first debit card linked to a major cryptocurrency exchange in the UK and EU. The card allows users to effortlessly spend their cryptocurrency at the millions of locations that accept debit card payments.

When a charge is made, cryptocurrency from the user’s Coinbase account is converted into fiat and processed to the merchant. Users can use the debit card at contactless, chip, and PIN terminals. What is really great about the Coinbase Card is that every cryptocurrency that is on the exchange (and in the user’s wallets) can be used to make purchases. So you can use Bitcoin, Stellar Lumens (XLM), Bitcoin Cash (BCH), Ethereum Classic (ETC), and other cryptocurrencies with ease by just swiping the debit card.

Plenty of Features

There is an app that users can download. This app will allow users to select which wallets they wish to use to make purchases using the card. If you don’t want to spend your Bitcoin as you’re expected a bull market to come along, then you can choose other crypto wallets to use instead.

Users can make returns on goods they purchase with the Coinbase Card just as they would normally do with other debit cards. You can also make cash withdrawals using the debit card. The daily withdrawal limit for cash is £500. There is a daily spending limit of £10,000 (which can be increased). The card has a monthly purchase limit of £20,000 and a yearly purchase limit of £50,000.

The bad news with the Coinbase Card is that it is only available to those living in the UK. However, the exchange is working on adding additional EU countries in the next few months. As for the USA, there is no word, so expect a pretty long wait.

Images courtesy of Coinbase and Pixabay.