This spring, Coinbase The introduction of a cryptocurrency debit card in the UK by Coinbase was well-received among its users, paving the way for further expansion.
Currently, the American crypto giant is leveraging its success by bringing its Visa debit card service to more European countries such as France, Germany, Ireland, Italy, the Netherlands, and Spain—each a significant player in the continent's economy and a booming hub for cryptocurrency.
While the debate about the usability of cryptocurrencies in everyday transactions continues, Coinbase is challenging the status quo with its Card program, effectively allowing users to handle day-to-day expenses using their crypto as if it were a traditional bank account-linked debit card.
Enjoy the freedom to use your cryptocurrencies whenever needed, as Coinbase rolls out its Card service in Spain, Germany, France, Italy, Ireland, and the Netherlands. @CoinbaseCard for updates and news. https://t.co/euKSlLpHAp pic.twitter.com/Gcymune503
— Coinbase ????️???? (@coinbase) June 12, 2019
To obtain the card, individuals in the newly approved regions need to apply via Coinbase's mobile application and then be placed on a waitlist. According to the exchange's announcement:
“Once you're off the waitlist, you'll instantly be able to use your crypto balance with the virtual card in the app, and a contactless physical card will arrive in your mail soon after.”
Now being offered in seven countries, the expanded reach of the Coinbase Card in Europe marks another milestone in its mission to spread further. Coinbase's U.K. CEO, Zeeshan Feroz, indicated that the company would explore opportunities in key markets globally, including the U.S.
Interestingly, Coinbase's step into the wider debit card arena comes on the heels of its biggest rival, Binance , facilitating cryptocurrency purchases with credit cards since January.
Although neither initiative involves preloaded cards, both launches hint at moving in that direction. Last summer, Ethereum's co-founder Vitalik Buterin argued that preloaded cryptocurrency cards could significantly integrate digital currencies into mainstream society:
“There's often too much focus on BTC/ETH/whatever ETFs rather than facilitating small crypto transactions at local stores. The latter boosts actual adoption more effectively than price surges.”
Given that, the steps Coinbase and Binance are taking suggest a growing interest in preloaded cards, a burgeoning focus for companies like Tangem in the still-developing cryptocurrency economy.
Never a Boring Day in the World of Coinbase
As a leading exchange, Coinbase frequently finds itself in the news.
Shortly after adding EOS to its user platforms, the exchange included EOS in its educational program, Coinbase Earn, offering users a chance to earn crypto.
Following that, the exchange made another significant addition to Coinbase Earn, marking its first stablecoin entry. Previously, Dai had been added to both Coinbase.com and the mobile apps in late May. adding Dai Furthermore, it was announced in May that Coinbase Custody, the service dedicated to cold storage asset management, had surpassed managing over $1 billion worth of digital assets. Earlier, in March, Coinbase Custody began offering
for Tezos (XTZ) investors on the platform. achieved the milestone Compounding the company's news, last month saw the departure of Coinbase's President and COO, Asiff Hirji, shortly following the exit of CTO Balaji Srinivasan. Emilie Choi has since stepped in as COO, previously serving as VP of business and data. support for staking services The exchange also drew attention earlier this year for incorporating
There’s recently been a period of transition William M. Peaster is a seasoned writer and editor focused on Ethereum, Dai, and Bitcoin developments within the cryptocurrency economy. His work features in publications like Blockonomi, Binance Academy, and Bitsonline. He enjoys following smart contracts, DAOs, dApps, and the Lightning Network, while also picking up Solidity! You can reach him via Telegram at @wmpeaster
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