Global payments provider Paysafe Group today announces its role in the launch of the Coinbase Card. The cryptocurrency exchange’s new Visa debit card, which is issued by Paysafe, is now available across the UK and soon to be rolled out across Europe.
The new Coinbase Card makes cryptocurrencies within a Coinbase account as easy to spend as traditional money by instantly exchanging the cryptocurrency for GBP or other fiat currencies that can be accessed through the card. Customers can use their card to make contactless payments, chip and PIN transactions or withdraw cash from their Coinbase digital currency wallet at an ATM. Globally, Coinbase stewards more than 30 million accounts and more than $220B in assets have been traded on Coinbase.
The Coinbase Card links to a mobile app, developed in partnership with Apto Payments Inc (formerly known as Shift Payments), providing users with spending summaries, receipts and notifications, and where users can choose which cryptocurrency they want to spend.
Paysafe’s expanding card issuing service is designed to offer consumers more choice in how they pay. The payments provider, which also offers processing, acquiring, digital payment methods, online cash and pay later solutions, recently became a Principal Member of the Visa card scheme, authorised to issue Visa cards to businesses and consumers in Europe.
Lorenzo Pellegrino, CEO – Skrill, NETELLER and Income Access at Paysafe Group, responsible for Paysafe’s Issuing division, added: “Having experienced the growth of the cryptocurrency market first hand, we’re excited to support Coinbase with its latest innovation. This is a major milestone for the cryptocurrency ecosystem in the UK, by introducing a secure yet instant and simple way for consumers to use the value of their cryptocurrencies in the real world.”
Commenting on the launch, Zeeshan Feroz, UK CEO at Coinbase said: “Making crypto easier to use and spend is central to our mission to create a more open financial system. Thanks to the launch of the new Coinbase Card, in partnership with Paysafe, customers now have greater flexibility and control over how they use their crypto, and the ability to realise its value to buy tangible things or experiences.”
Hugh Kingdon, Head of Fintech, UK & Ireland, Visa, said: “It’s an exciting time in the global payments industry as innovators inject new ideas and technologies to enable seamless commerce for everyone, everywhere. We value the opportunity to collaborate with fintech partners such as Paysafe and Coinbase to develop cutting-edge payments solutions for businesses and consumers.”