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Earlier this month, Coinbase posted a statement on its website announcing the debut of its upgraded crypto-reward debit card, which is currently available to all U.S. residents — except those in Hawaii. While the Coinbase debit card has already been in use for months in 30 countries, only U.S. residents benefit from the newly enhanced crypto-rewards benefits and elimination of Coinbase crypto transaction fees per purchase.
Details about the Coinbase crypto-rewards debit card
Last October, Coinbase announced its team-up with Visa to launch a debit card that gave users a percentage of their card purchases in crypto rewards. Users choose up to 4% on card purchases in crypto assets Stellar Lumens, The Graph, Amp, and Rally, or 1% back in one of the more popular cryptos Bitcoin, Ethereum, Dogecoin, and the Dai stablecoin. There’s no cap on how much a cardholder can earn in cryptocurrency rewards.
Those who joined the waitlist last fall are now able to access a virtual version of the card immediately and a physical card in a couple weeks. U.S. users of the upgraded card can pay with either crypto or U.S. dollars wherever Visa is accepted. Additionally, since it’s a debit card that draws against U.S. dollars or digital assets on deposit with Coinbase, there’s no credit check needed to apply.
Coinbase is currently the largest cryptocurrency exchange in the United States. It made big news earlier this week announcing the beta launch of its own non-fungible tokens (NFT) trading platform, to challenge the current leader in that space, OpenSea.
This Coinbase offering helps lower crypto barriers for the masses
The rollout of this crypto-reward debit card will likely be a major catalyst for broader adoption of virtual currencies in general as it has the potential to overcome major obstacles. According to research sponsored by Crypto.com last February, the top three barriers to wider adoption of cryptocurrencies were:
- A general lack of knowledge about the crypto space (51%)
- Security and safety concerns regarding the crypto asset class (34%)
- Followed by not knowing where to buy crypto (29%)
This crypto-reward feature addresses each of these issues by first incentivizing users to learn about the specific cryptos they choose to earn. It’s also worth noting that Coinbase carries insurance for deposited assets as a safety and security backstop. Lastly, new users can sidestep the complexities of directly buying crypto with this simple, passive crypto-earning model.
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Tor Constantino owns Bitcoin and Ethereum.
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