Whether you like Coinbase or not, there’s no denying that the well-known crypto company has the edge in this bitcoin bear market. Over the course of 2018 and 2019, the San Francisco-based startup added features, digital asset support, and people like there’s no tomorrow.
And most recently, on Wednesday, the $ 8 billion startup announced that it would launch the Coinbase Card. And believe us, it’s not a shameless copycat of the Apple Card. Instead, it could be something that could be used to promote mass adoption.
Get to know the Coinbase card, a crypto card that (actually) works
Crypto debit cards have long had a bad rap in this embryonic industry. Companies that have endeavored to bring such products to market have, by and large, failed miserably, falling victim to either the trigger-happy regulations or, for example, the oppressive power of companies with traditional payment channels. However, the Coinbase card appears to be completely compliant with the law.
Coinbase will soon be offering its UK-based customers (EU countries will follow shortly) the option of using the Visa debit card, which will allow users to store their cryptocurrencies as described by Coinbase UK CEO Zeeshan Feroz to spend. “As effortless as the money in your bank. “
The payment mechanism allows customers to purchase goods in-store and online, and to withdraw cash from ATMs using Bitcoin, Ethereum, Litecoin and other popular digital assets supported by Coinbase in the region. As Feroz writes:
“Customers can use their card in millions of locations around the world and make payments via contactless phone, chip and PIN, and cash withdrawals at ATMs. When customers use their Coinbase card, we instantly convert crypto to a fiat currency like GBP, which is used to complete the purchase. “
Interestingly, the Coinbase card does not run directly from the Coinbase.com interface or the company’s traditional app. Instead, there will be an independent application that customers can use to choose which of their crypto wallets they want to use to fund their expenses.
For the first 1,000 customers, the company announced that it will waive the £ 4.95 (US $ 6.50) card issuing fee.
While it’s not clear how much interest Coinbase has seen in Card so far, it is likely that this new card will actually lure consumers into using cryptocurrencies in the real world rather than as a means of payment.
Coinbase sees growth in the star bear market
Coinbase’s strategy of tossing balls against the wall, so to speak, by trying to find products that stick (just look at the exchange’s incessant thirst to support more cryptocurrencies) has proven to be a complete success.
According to recent “statistics” released by Airbnb developers who have been named Coinbase CEO Brian Armstrong, his company’s consumer-facing offerings have seen absolutely outstanding growth in what is known as the “crypto winter”.
The charts, which he claimed were unaudited, showed that weekly confirmed transactions at Commerce, the startup’s crypto-to-fiat payment portal, users at Earn, a cryptocurrency reward and education platform, and Wallet had been going strong in recent months have increased.
Coinbase Commerce is growing well…. https://t.co/lamDEPoGXe
(Note: all unchecked numbers) pic.twitter.com/S8rIeytQgl
– Brian Armstrong (@brian_armstrong) April 9, 2019
The trading platform itself could also have seen an upward trend. The Block reports that Paul Bauerschmidt, Product Manager for Coinbase Markets, announced that his company will be expanding its new matching engine in preparation for the “next super-major ramp-up”.
The statistics and details of the company’s insides were of course edited in The Block interview and Armstrong’s tweet. As can be seen above, Coinbase’s user base has grown slowly and steadily, even in the depths of the crypto market.
Armstrong quipped, “It’s not just us – the entire industry seems to be growing well. If this is winter we hope it lasts! “Of course, nobody is too sure that this decline in Bitcoin price will continue, but Coinbase sure doesn’t hurt.
4,486
Comments are closed.