Coinbase’s New Debit Card Lets You Spend Crypto Anywhere That Visa Is Accepted

On Thursday (April 11), Coinbase announced a new Visa debit card for its UK and European Union (EU) customers that lets them easily spend any of the crypto balances in their Coinbase account for paying for goods/services anywhere that Visa is accepted or for making cash withdrawals from ATMs.

Appropriately enough, the new "Coinbase Card" was announced on the same day that Coinbase's previous attempt at a crypto-to-fiat Visa debit card, the "Shift Card", which was only for U.S. customers, is supposed to stop working (since that program has now been "retired").

Here is everything you need to know about the Coinbase Card:

  • The Coinbase Card is being launched today for UK customers only, but Coinbase does "plan to support other European countries in the coming months."
  • This is apparently the first debit card "to link directly with a major cryptocurrency exchange" in the EU.
  • To apply for the Coinbase Card, Coinbase customers need to download the Coinbase Card app from iOS's App Store or Android's Play Store. (If you are based in the UK and do not see these apps in the aforementioned places, try using the links on the Coinbase Card website.)
  • In the UK, the Coinbase Card has a GBP 4.95 "issuance fee" (which is waived "for the first 1,000 people to join the waitlist").
  • You can spend any cryptocurrency that is supported by Coinbase.com in the jurisdiction that you live in, as long as you have a non-zero balance in the wallet for that cryptocurrency in your Coinbase.com account. (An up-to-date list of supported digital assets is available in the Support section of the Coinbase website.) 
  • When you wish to use your Coinbase Card, to pay for something or to get a cash withdrawal from an ATM, you need to use the Coinbase Card app to select which crypto wallet in your Coinbase.com account is to be used for that transaction, at which Coinbase will then perform an automatic conversion from that cryptocurrency to fiat currency (e.g. GBP).
  • For "domestic" (i.e. within your home country) purchases, the "crypto liquidation fee" is 2.40% of the transaction amount.
  • Currently, there is a daily spending limit of GBP 10,000 (but Coinbase might agree to increase this limit for you if you contact card support services). There is also "a monthly purchase limit of £20,000  and a yearly purchase limit of £50,000." Finally, the daily ATM withdrawal limit is GBP 500.

 

Featured Image Courtesy of Coinbase

Irish Drug Dealer Forced to Surrender €52 Million in Bitcoin to Authorities

Michael LaVere
  • An Irish drug dealer was forced to surrender €52 million in crypto to the Criminal Assets Bureau.
  • High Court determined the proceeds to be the result of a crime. 

A drug dealer was forced to surrender €52 million (around $56 million) in cryptocurrency to Ireland's Criminal Assets Bureau (CAB) after the country's High Court determined it to be proceeds from a crime. 

According to the report by Irish news outlet Independent, Dubliner Clifton Collins accumulated more than €52 million in the illegal sale and supply of drugs. Justice Alex Owens ruled that the bitcoin should be forfeited under the Proceeds of Crime legislation, a decision that went uncontested by Collins. 

The report claims authorities discovered a quantity of cannabis in Collins possession after a vehicle stoppage which took place in February 2017. Authorities went on to find a large number of suspected cannabis plants at an address at Farnaught, Corr na Móna. A subsequent investigation by the CAB led the bureau to uncover Collins's extensive holding of crypto assets, which amounted to €52 million. 

The report claims that Collins was an early investor in bitcoin and crypto-assets, which appreciated exponentially over the years. The CAB was able to secure a freezing order on the bitcoin to ensure that it could not be moved from the wallet prior to a court ruling. 

Featured Image Credit: Photo via Pixabay.com