Digital Assets: Coinbase Enables Real-Time Withdrawals To Customers’ Cards

October 5, 2020 | Digital Assets, News

In another plug for crypto adoption, Coinbase introduces card-based simplicity for converting crypto to cash.

Coinbase has made it very simple to withdraw cryptos sitting in your account with them. Just sell the amount you need to your GBP,  Euro, or USD wallet. Once you have money in any of these wallets, it’s a cinch to withdraw it directly to your Visa (NYSE: V) Fast Funds enabled credit and debit card.

The exchange has dubbed the facility as “Instant Card Withdrawals” and it’s also applicable to MasterCard (NYSE: MA) Send enabled debit cards. (Coinbase)

Coinbase goes one-up on banks

Coinbase’s new move addresses the very common frustration with a transfer routed through the banks – it can take many days.

That goes against the grain of cryptos’ innate functionality of instant transactions – 24/7, and anywhere.

To remedy this the digital exchange now offers “Instant Card Withdrawals”  in about 40 countries. These include the US, UK, and more across Europe.

Crypto to fiat – quick and easy

“By enabling real-time card withdrawals through the Visa Direct capability, Coinbase is delivering a faster, simpler and more connected experience for its users — making it easier to convert crypto balances into fiat, which can be spent at the more than 60M merchant locations where Visa is accepted,” said Terry Angelos, SVP and global head of fintech, Visa.

“Today’s consumers are digitally driven — seeking out real-time payment options that cater to their individual needs,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “Leveraging Mastercard Send following the conversion of cryptocurrency into fiat currency, Coinbase will now be able to offer its customers the ability to securely and seamlessly withdraw and use their funds wherever Mastercard debit is accepted — giving them greater flexibility and convenience to manage their financial lives.”

However, the service doesn’t come cheap. U.S. customers pay a 1.5% fee (minimum $0.55) and UK and EU customers a fee of up to 2%.

Related Story:    Coinbase to Allow Loans Against Bitcoin Holdings

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