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June 28, 2022
Finance Technologies

Coinbase launches crypto Visa debit card in the UK

US cryptocurrency exchange Coinbase has partnered with Apto Payments to bring a new cryptocurrency Visa debit card to the UK, reports Jane Connolly.

The company says its Coinbase Card is the first in the UK and EU to directly link to a major cryptocurrency exchange. It is powered by customers’ Coinbase account crypto balances, so they can pay using bitcoin, ethereum, litecoin and more.

Customers can use a mobile app to choose which cryptocurrency to debit. Coinbase converts crypto to fiat currency to complete the purchase.

Apto Payments – formerly Shift Payments – previously offered its own card allowing users to spend crypto from their Coinbase accounts in the US. Although that card was “retired” in February, Coinbase has now entered into a partnership providing “technology and support services” for the new card, the Financial Times reports.

Zeeshan Feroz, head of Coinbase in the UK, told the Financial Times: “We are targeting UK consumers because, generally speaking, data shows they are much more open to accepting new types of debit cards. There are a lot of challenger banks here compared with the US, where most people tend to stick with well-established businesses.”

He adds that Coinbase UK is seen as an independent arm of the company and that there is “no timeline” regarding a US launch for the card, although a European version will be rolled out later this year.

Pavel Matveev, CEO and co-founder of Wirex, tells us that cryptocurrency debit cards are not new and have been on the market for four years. However, this one in particular is a big milestone for the industry.

Matveev says he expects to see more companies focusing on real-life use cases in the future, rather than trading or cryptocurrency speculation.

Coinbase launches crypto Visa debit card in the UK
Coinbase launches crypto Visa debit card in the UK
Fintech
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