Coinbase, one of the largest and most popular crypto exchanges in the market, has launched a cryptocurrency debit card in Italy and other European countries. This is according to a recent report released by CNBC. Other countries include Spain, Germany, France, Ireland and The Netherlands.
Coinbase Launches Crypto Debit Card in Europe
The popular cryptocurrency platform has launched its crypto debit card for users to be able to use their digital assets for daily purchases. With this debit card, users will be able to spend cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC) in stores online and at any merchant that accepts Visa.
European individuals can simply download the Coinbase Card application or just order a physical card that will cost £4.95. The CEO of Coinbase U.K. said during an interview with CNBC that users are now able to buy groceries on Bitcoin and also a coffee with Litecoin.
This is a very important thing for virtual currencies that are expanding all over the world. Coinbase is one of the largest exchanges in the market and it is allowing users to make purchases with virtual currencies in a seamless way. This is expected to increase activity in different networks such as Bitcoin, Litecoin and Ethereum. There is no information if there are going to be other digital currencies accepted, included Bitcoin Cash (BCH).
Coinbase is going to be charging a small fee to convert fiat money into a digital currency. There are several companies that are working on similar solutions for users to be able to spend their virtual currencies in shops and with other merchants.
Meanwhile, Binance, one of the largest exchanges in the world and Coinbase rival, partnered with the fintech company Simplex so as to offer both debit and credit card payments with crypto. Other firms such as Revolut in the United Kingdom or Square in the United States are already offering crypto trading on their platforms.
The virtual currency market continues to expand and promoting debit cards backed by virtual currencies is a very important step towards adoption.
Another firm called Flexa has recently launched a new payment app that is known as Speedn. To launch it, the firm signed a partnership with the Winklevoss twins, allowing different retail giants such as Whole Foods and other shops to accept virtual currencies for goods and services.
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