The United States-based cryptocurrency exchange platform, Coinbase seems quite focused on increasing its customer base in Europe as it recently expanded the availability of its Visa debit to 10 more Europe Union (EU) nations.
The San Franciscan exchange platform launched the Coinbase Card back in April, with an aim to allow its customers in the United Kingdom and the EU to spend their cryptocurrencies directly from their Coinbase accounts “as effortlessly as the money in their bank.”
The platform achieves a seamless transaction process by instantly converting cryptocurrency into fiat currency like the British Pound (GBP) the moment a customer completes a transaction via their debit card. Unlike previously available products of this type, where customers had to pre-load a specified amount of cryptocurrency onto the card in order to spend.
Coinbase announced on Thursday that its user base in Bulgaria, Croatia, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania and Sweden would now have access to the platform’s card product, which will be supporting all crypto assets available to buy and sell on the Coinbase platform. Individuals would also be able to pay for their purchases such as a meal or booking tickets, as per the announcement.
Customers can swipe their card anywhere internationally that accepts Visa, however, there is a fee for ATM transactions above the value of €200 which varies; 1 percent is charged domestically while 2 percent is charged in the case on international use. The website also adds that there are a few other charges as well for certain purchase transactions.
Furthermore, the announcement revealed that it has also added support for five new cryptocurrency options for its Visa debit card users. Now cardholders will be able to carry out transactions in XRP, basic attention token (BAT), augur (REP), 0x (ZRX) and stellar (XLM). Initially, when the card was launched it offered support bitcoin (BTC), ether (ETH), litecoin (LTC) and other cryptocurrencies.
By more than doubling the number of assets our customers can spend on Coinbase Card, as well as introducing the card to 10 new countries, Coinbase continues to help drive crypto’s role as a utility, and not just an investment.
Shared Zeeshan Feroz, CEO at Coinbase UK, in a statement. The exchange platform provides its application for both iOS and Android users, thus allowing them to complete their Visa payments on their mobile devices. The Coinbase Card is issued by Paysafe Financial Services Limited, a firm authorized by the U.K. regulator, the Financial Conduct Authority.