Cryptocurrency exchange Coinbase is making crypto purchases easier with the launch of its Coinbase Card on Apple Pay and Google Pay, allowing users to check out and earn crypto.
Starting this week, if you have a Coinbase card, you will be able to buy goods at retail stores using Apple Pay contactless transactions.
The Coinbase Card acts like a debit crypto card, automatically drawing down from your crypto wallet balance. If you already have a Coinbase Card, you can add the card to your Apple Wallet through the app. Although the card is already out, many applications are still on a waitlist. Coinbase says it’ll be sending invitations to those on its waitlist starting the week of June 1.
After they apply and are accepted, Coinbase Card users can add their cards to Apple Wallet while they wait for the physical debit card in the mail. Existing Coinbase Card users will also be able to add their cards to Apple Pay beginning immediately.
The company via a blog post on Tuesday said it will automatically convert all cryptocurrency to U.S. Dollars and transfer the funds to a customer’s Coinbase Card for use in purchases and ATM withdrawals. Standard conversion fees apply, but users will be able to earn up to 4 percent back in cryptocurrency rewards.
Coinbase notes that purchases made with a Coinbase Card will “typically result in a capital gain or loss.”
In other news, competition for crypto payments seems to be picking up. Mastercard and Gemini are preparing to unveil a crypto credit card with 3 percent bitcoin returns. BlockFi too has a rewards-fueled crypto credit card in the works. As bitcoin becomes ensconced as an asset rather than as a medium of exchange in the minds of most users, the spending enticements could move the needle on crypto payments despite unfavorable U.S. tax laws.
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