Rough or not, the development of cryptocurrencies cannot be denied, and crypto payments are now being accepted in more and more places. Meanwhile, fintech companies, especially the crypto-related ones, are making efforts to make such payments quicker and easier for the holders of digital assets.
An example of this is one of the world’s largest crypto exchanges, Coinbase. According to the report made by CNBC, the company launched a special debit card for the abovementioned purposes.
The Coinbase Card is a Visa debit card, fully contactless. It is available for all the UK citizens, which have a Coinbase account, since the card is directly linked to the customer’s account.
With this new payment method, the customers will have an opportunity to pay for their purchases in Bitcoin, Litecoin or Ethereum, at any store that accepts these cryptocurrencies all over the world.
“There’s a real advantage in actually being able to deposit crypto and interact with crypto because the crypto ecosystem is so much more than the investment aspect,” said Zeeshan Feroz, the CEO of Coinbase in Great Britain.
For all the people that feel sceptical about the Coinbase Card, because there are still very few places that accept crypto payments, here is a simple explanation: the stores will not actually receive digital money. Crypto from the accounts of Coinbase users is going to be automatically converted with every single transaction.
The conversion of BTC, LTC or ETH into the British pound sterling will certainly not be free. Coinbase is going to charge 2.5% out of every transaction. Considering the commission fees of other services, one can say that Coinbase did not go to the extreme.
The crypto exchange has received a special license, which allows it to offer such services in Great Britain. In the nearest future. Coinbase is planning to receive a similar document for the whole European Union and expand over there.
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