The company debuted the card in the U.K. in April. At the time, Zeeshan Feroz, CEO of Coinbase U.K., said the Coinbase Card is funded by customers’ Coinbase crypto account balances, giving them the ability to pay in-store and online with bitcoin, Ethereum, Litecoin and other digital tokens. Customers are able to use the card in millions of locations around the world, paying for things via contactless or chip and PIN, and making cash withdrawals from ATMs. When customers use the Coinbase Card, the crypto is instantly converted into fiat currency, such as the pound.
In addition, the company launched the Coinbase Card app, which allows customers to select which crypto wallets they will use to fund the debit card. The card supports all the crypto assets that customers can buy and sell via the Coinbase exchange. The app also provides instant receipts, transaction summaries, spending categories and other features.
Feroz told CNBC in an interview that the card aims to make payments with digital currencies as easy as paying with cash.
“You can buy groceries on bitcoin, and then coffee on Litecoin right after,” he said.
As of Wednesday (June 12), the Coinbase Card is available in Spain, Germany, France, Italy, Ireland and the Netherlands. While he didn't reveal specific figures from the card's performance in the U.K., Feroz said the company “blew past” the initial 1,000 cards that it offered users for free, waiving the £4.95 ($6.30 USD) card issuance fee.
Feroz added that Coinbase, which was most recently valued at $8 billion, has plans to expand the card into other markets, but needs to find the right banking partners.
“We will be looking at all of our key markets, including the U.S.,” he said.