Coinbase and Visa Launch Enhanced Crypto-Reward Debit Card in the US

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Those on the waitlist for the crypto-rewarded debit card can get both a physical and virtual version of the card which is now available to all US residents except those in Hawaii.

Key points

  • Last October, Coinbase announced its partnership with Visa to launch a debit card that offered users a percentage of their card purchases in crypto rewards.
  • Users choose up to 4% rewards on card purchases in Stellar Lumens, The Graph, Amp, and Rally, or 1% back in more popular cryptos Bitcoin, Ethereum, Dogecoin, and stablecoin Dai.
  • The crypto rewards benefit of this debit card is only available to US residents, excluding those in Hawaii.
  • Those on the waitlist can now immediately access a virtual version of the card and will receive their physical cards in the coming weeks.
  • Users can pay in crypto or US dollars wherever Visa is accepted.

Earlier this month, Coinbase published a statement on its website announcing the launch of its enhanced crypto-rewarded debit card, which is currently available to all US residents except those in Hawaii. While the Coinbase debit card has already been in use for months in 30 countries, only US residents are enjoying the benefits of newly enhanced crypto rewards and the elimination of Coinbase crypto transaction fees per purchase.

Coinbase Crypto Rewards Debit Card Details

Last October, Coinbase announced its partnership with Visa to launch a debit card that offered 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 most popular cryptos Bitcoin, Ethereum, Dogecoin and the stablecoin Dai . There is no cap on the amount a cardholder can earn in cryptocurrency rewards.

Those who joined the waitlist last fall can now access a virtual version of the map immediately and a physical map in a few weeks. US users of the upgraded card can pay in crypto or US dollars anywhere Visa is accepted. Also, since this is a debit card that uses US dollars or digital assets deposited with Coinbase, no credit checks are required to apply.

Coinbase is currently the largest cryptocurrency exchange in the United States. It made big news earlier this week by announcing the beta launch of its own non-fungible token (NFT) trading platform, to challenge the current leader in this space, OpenSea.

This Coinbase Offer Helps Lower Crypto Barriers For The Masses

The rollout of this crypto-awarded debit card is likely to be a major catalyst for wider adoption of virtual currencies in general, as it has the potential to overcome major hurdles. According to a study sponsored by last February, the top three barriers to wider adoption of cryptocurrencies were:

  • A general lack of knowledge about the crypto space (51%)
  • Safety and security concerns about the crypto asset class (34%)
  • Followed by not knowing where to buy crypto (29%)

This crypto reward feature solves each of these problems by first prompting users to learn about the specific cryptos they choose to earn. It should also be noted that Coinbase carries insurance for deposited assets as a safety net. Finally, new users can avoid the complexities of buying crypto outright with this simple, passive crypto-earning model.

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