Cryptocurrency exchange Coinbase has launched its Visa debit card in the UK, letting users spend cryptocurrencies in retail stores and online “as effortlessly as the money in their bank.”
Issued by Paysafe, the card is available across the UK and revealed plans are in place for it to be rolled out soon across Europe.
Lorenzo Pellegrino, CEO of Skrill, NETELLER and Income Access at Paysafe Group, explained: “Having experienced the growth of the cryptocurrency market first hand, we’re excited to support Coinbase with its latest innovation.
“This is a major milestone for the cryptocurrency ecosystem in the UK, by introducing a secure yet instant and simple way for consumers to use the value of their cryptocurrencies in the real world.”
When a customer uses their Coinbase card, the firm converts crypto to the chosen currency – such as GBP – which is used to complete the purchase. Customers can make payments through contactless, Chip and PIN, as well as cash withdrawals from ATMs.
Commenting on the launch, Zeeshan Feroz, UK CEO at Coinbase commented: “Making crypto easier to use and spend is central to our mission to create a more open financial system.
“Thanks to the launch of the new Coinbase Card, in partnership with Paysafe, customers now have greater flexibility and control over how they use their crypto, and the ability to realise its value to buy tangible things or experiences.”
Furthermore, the San Francisco-based company launched a Coinbase Card app, to enable customers to select which crypto wallet they will use to fund their spending.
Coinbase Card supports all crypto assets available to buy and sell on its platform and the app also offers instant receipts, transaction summaries, spending categories, and more.
Hugh Kingdon, Head of Fintech, UK & Ireland, Visa, said: “It’s an exciting time in the global payments industry as innovators inject new ideas and technologies to enable seamless commerce for everyone, everywhere.
“We value the opportunity to collaborate with fintech partners such as Paysafe and Coinbase to develop cutting-edge payments solutions for businesses and consumers.”