Coinbase, a major crypto exchange, recently announced, that it had added support for XRP and four other coins on its Visa debit card dubbed Coinbase Card. The four other coins are Augur (REP), the BAT tokens from Brave Browser, Ox (ZRX), and Stellar (XLM).
The Coinbase Card makes it possible for customers in the EU and UK to spend their crypto holdings directly from their Coinbase accounts. The card was launched in April and it was already supporting ETH, BTC, LTC, and BCH.
According to JD Millwood, who is the lead of marketing at Coinbase UK, the card has made it possible for thousands of people to easily spend their crypto just like the money they have in their bank since its launch. He predicted that with Christmas approaching, the demand for the card was going to grow.
Coinbase has expanded the use of the card to ten new European nations recently, which brings the total number of nations where it is accessible to 29. The nations that were recently added to the list of supported nations are Hungary, Denmark, Croatia, Norway, Liechtenstein, Romania, Poland, Sweden, Iceland, and Bulgaria.
History of the Card
Coinbase decided to launch the Coinbase Card after Shift abruptly withdrew its debit card services from the exchange. Initially, the card was only available to UK customers. The card, just like the Shift card, made it possible for UK users to convert their crypto holdings in GBP instantly.
The card comes with extra charges, unlike a normal visa debit card. However, the convenience of converting crypto into fiat easily is worth it. The card comes with a cap set at around $13,000 daily. There are no maintenance fees. However, reversing a transaction comes at a cost of about $26.
When a person uses the card, the equivalent value in crypto holding is liquidated immediately. This is to ensure that the correct value is captured in the highly volatile crypto market. Funds are debited immediately from the user’s Coinbase account. The exchange has emerged as an important between the crypto and fiat world through this card.