Visa and Coinbase Partner to Release Debit Card, BTC-USD Trades Temporarily Shut Down

Coinbase Debit Card Will Be Available in the UK

“Coinbase continues to struggle with high staff turnover and technical issues, which resulted in BTC-USD trades being shut down on April 11.”

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By Block Society

Visa and Coinbase have partnered to create the Coinbase Card, which is a debit card that is linked to a user’s Coinbase wallet. The Coinbase Card can be used for in-store and online purchases and users can withdraw funds from an ATM. Only consumers in the United Kingdom are eligible to use the Coinbase Card.

 

Customers can make payments through contactless, chip enabled and PIN methods. When customers use the card to make purchases, Coinbase automatically converts the cryptocurrency in a user’s wallet in to fiat. By utilizing the Coinbase Card app, users can choose which cryptocurrency wallet to use to fund transactions. Users can use any cryptocurrency supported by Coinbase to fund their transactions and can receive instant transaction and purchase summaries through the app.

 

Although the card is only available to UK residents, Coinbase plans to expand the Coinbase Card to other European customers over the course of the next several months. The card costs £4.95 and Coinbase is waiving the fee for the first 1,000 people who sign up for the Coinbase Card waitlist.

 

Coinbase faced issues on April 11, 2019, temporarily suspending BTC-USD trades on its Coinbase Pro platform for an undisclosed reason. Coinbase announced through a live update at 6:00 p.m. PDT that it was investigating potential issues involving Bitcoin trades. Several minutes later, they announced Coinbase was temporarily suspending BTC-USD trades. All pending and open trades were cancelled, and BTC-USD trading re-opened at 7:50 pm PDT. The issue was similar to an ETH flash crash that occurred on the platform in December 2018, when ETH prices dropped from $100 to $13 and sharply returned to $97. Coinbase has not yet released the reason for suspending BTC-USD trades.

Although the card is only available to UK residents, Coinbase plans to expand the Coinbase Card to other European customers over the course of the next several months. The card costs £4.95 and Coinbase is waiving the fee for the first 1,000 people who sign up for the Coinbase Card waitlist.

Both announcements come after Coinbase had several high-level executives leave the company over the past several month, with executive Dan Romero sharing that he will be leaving the company on April 12, 2019. Romero worked as a vice president of international business for the past five years.

 

Two weeks ago, Christine Sandler, Director of Institutional Sales at Coinbase, departed the company for Fidelity Investments. Soups Ranjan, former Director of Data Science at Coinbase, and Senior Compliance Manager Vaishali Mehta both left the company earlier this year. Overall, nine senior level executives have left Coinbase since October 2018. Coinbase is offering extensive health care benefits, including $5,000 per year towards embryo freezing, in an attempt to retain staff.

 

Coinbase remains the largest cryptocurrency wallet provider worldwide, with a current valuation of $8 billion. Following several notable acquisitions, it is clear that Coinbase is attempting to further expand its position in the cryptocurrency world. Partnering with several cryptocurrencies, including Stellar and Basic Attention Token, Coinbase created an educational component to their services, demonstrating that company is expanding its services beyond wallets.

Feroz, Zeeshan. 10 April 2019. Spend Your Crypto Instantly with Coinbase Card.  https://blog.coinbase.com/spend-your-crypto-instantly-with-coinbase-card-4c840e59a8d8

 

 

Khatri, Yogita. 12 April 2019. Exec Dan Romero Leaving Crypto Exchange After 5 Years. https://www.coindesk.com/coinbase-exec-dan-romero-leaving-crypto-exchange-after-5-years

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