Coinbase has recently revealed that it is launching its Coinbase Card in six new European countries. Along with this, Coinbase has also announced that it saw exceptionally strong demand for its crypto debit card during its preliminary launch in the UK.
Coinbase expands Coinbase Card to six new European markets
This news comes from a fresh CNBC report. The CNBC piece details how the digital cryptocurrency exchange behemoth Coinbase is now ramping up to a broader launch of its cryptocurrency-based Visa Coinbase Card.
As of Wednesday this week, Coinbase Card will reportedly be available in Germany, Italy, France, Spain, Ireland and the Netherlands. Notably, this is in addition to the United Kingdom, where the Coinbase Card made its debut back in April.
The Coinbase Card is a Visa-compatible cryptocurrency debit card linked to users’ Coinbase accounts. As such, the card enables users to spend cryptocurrency from directly from their Coinbase accounts in stores that accept Visa.
The card is available both as a physical card, as well as a mobile application for either iOS or Android. The physical card is reportedly able to withdraw fiat currencies from ATMs. What’s more, the card comes with broad functionality for spending cryptocurrencies.
Crypto debit cards are important for boosting cryptocurrency adoption
Users can use the mobile application to decide what sort of cryptocurrency, such as Bitcoin, Ethereum and Litecoin, they want to spend during their purchases. Coinbase’s UK CEO, Zeeshan Feroz, detailed the dramatic impact this can have on making cryptocurrency payments more seamless.
“You can buy groceries on Bitcoin and then coffee on Litecoin right after,” Feroz told CNBC. This showcases how the Coinbase Card can allow users to practically use cryptocurrencies for everyday purchases – without cryptocurrency-supporting retailers.
Crypto debit cards are widely seen as one of the stop-gap measures needed to boost cryptocurrency adoption. Put simply, general retailers are hesitant to introduce cryptocurrency support before the public wants it, and the wider public will not want it unless retailers support it.
As a result, cryptocurrency debit cards – such as the Coinbase Card – can be important to bridge this gap. Feroz noted Coinbase has seen “extremely strong take-up” of Coinbase Card since it launched in the UK in April.
Although Feroz did not reveal any specific figures, he noted Coinbase “blew past” the initial supply of 1,000 cards.
Image Source: The Coinbase Blog
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.