Cryptocurrency exchange Coinbase has launched Coinbase Card for its customers in the United Kingdom, according to a blog post on the company’s site on Wednesday. The new Visa card will enable those customers to use their Coinbase cryptocurrency balances to make payments in-store and online, just as they would with any other traditional debit card.
The new cards are being issued by FSA-authorized payment instrument issuer Paysafe Financial Services Limited and are only available to customers in the UK. However, Coinbase confirmed that it has plans to introduce support for the card in other countries across Europe “in the coming months.”
For customers, the buying process will be no different than what they experience with other cards. Once a payment is initiated, Coinbase will handle currency conversions at its end:
Customers can use their card in millions of locations around the world, making payments through contactless, Chip and PIN, as well as cash withdrawals from ATMs. When customers use their Coinbase Card, we instantly convert crypto to fiat currency, such as GBP, which is used to complete the purchase.
The company has also created a Coinbase Card app that customers can use to control which cryptocurrency wallets fund their cards, obtain instant receipts for purchases, create transaction summaries, and otherwise manage their card usage.