The crypto trading platform Coinbase received its e-money license from the UK regulator in March 2019. The Californian trading company introduced the Coinbase Card in the country the following month. The debit card makes paying for online and retail purchases with cryptocurrencies such as Bitcoin and Bitcoin Cash effortless.
The Coinbase Card was introduced in the United Kingdom as a Visa card. The company is now expanding this service within the EU, rolling out the Coinbase Card in six other EU countries in one fell swoop. In Germany, France, Ireland, Italy, the Netherlands and Spain, the card can now be used to make all payments in the usual manner. Simply present the card against the shop’s reader, or insert it and enter your pin – that’s all.
Paysafe Financial Services, an online payment solutions provider regulated by the UK Financial Conduct Authority, issues the Coinbase Cards for the trading platform. The Cambridge-based e-money institute organizes online payment methods ranging from cash to Bitcoin for retailers, online traders, and platforms, and also offers financing plans.
Consumers can order the Coinbase Card directly using the Coinbase app. It can be activated immediately using the app, with the Visa debit card then sent in the mail. Once delivered, the Coinbase card can be used to pay with Bitcoin, Bitcoin Cash, Litecoin and the like wherever Visa is accepted, as well as to withdraw fiat money from all Visa ATMs. Coinbase immediately converts the respective cryptocurrency into pound sterling or euro. This means that retailers will not receive cryptocurrency and are paid in the national currency instead.