Coinbase expands its cryptocurrency debit card to 6 more EU countries

Users are able to spend cryptocurrencies such as Ethereum, Litecoin and Bitcoin in any store or online platform where merchants accept Visa

Coinbase, a California based digital currency exchange, recently announced the launch of its crypto debit card in six more countries in Europe. The card first debuted in the UK in April with a target of 1,000 cards initially.

Reportedly, The company observed a strong acceptance of the card when it surpassed the initial target and decided to expand it in more countries. Users that own Coinbase accounts are able to spend cryptocurrencies such as Ethereum, Litecoin and bitcoin in any store or online platforms where merchants accept Visa.

In an interview with CNBC, Zeeshan Feroz, CEO, Coinbase UK, stated that that the aim for the crypto card is to make payment with digital currency as smooth as it is with cash.

According to reliable sources, the Coinbase card will be made available in France, Netherland, Spain, Ireland, Italy and Germany. The card is available in a mobile app that is directly synced with Coinbase accounts. It can also be used as a physical contactless card to withdraw cash from ATMs.

Apparently, it depends on the users to decide as to which cryptocurrency they would choose to make a payment in the mobile app. Coinbase reportedly charges a fee in order to convert fiat money into digital currency rather than directly paying it to the retailers with a cryptocurrency.

Sources mentioned that the recent valuation of Coinbase was pegged at $8 billion . It was reported that Coinbase laid off over a dozen of workers in its Chicago office when the prices for digital currency took a plunge this year.

Mr. Feroz said that the company is looking for the right banking partners in order to expand the card into other markets. They’ll be looking out for all their key markets including the U.S., the CEO added.

 

Source Credit-https://finance.yahoo.com/news/coinbase-debit-card-launches-6-101056671.html

https://www.cnbc.com/2019/06/12/coinbase-expands-its-cryptocurrency-debit-card-to-europe.html