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Coinbase is the first cryptocurrency company to gain principal membership with Visa, which cuts out expensive middlemen from the process of issuing a debit card that lets users spend their crypto anywhere Visa is accepted. Coinbase could potentially issue debit cards for consumers, as well as other cryptocurrency companies and traditional firms. Coinbase is reportedly looking for new growth areas are its earnings declined by 40% last year.
Managed by Coinbase’s fully-owned U.K subsidiary, based in London with offices in Dublin, the card that automates the conversion of cryptocurrency into whatever currency the merchant accepts will be available in 29 countries when it is first issued later this year, including Denmark, Estonia, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, and the U.K. The Coinbase Visa debit card will not be available to U.S. residents. Further simplifying the process of actually spending cryptocurrency, the nine cryptocurrencies available on the card, also including litecoin, bitcoin cash, Brave’s BAT, Augur’s REP, 0x’s ZRX, and Stellar’s lumen, won’t likely be subject to unwieldy capital gains taxes at the point of sale. Unlike the U.S., the E.U doesn’t require spenders pay additional tax on the difference in price based on when a cryptocurrency was purchased, and when it was spent.
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