The San Francisco based exchange platform – Coinbase, announced on Tuesday that it would be introducing a spending summary feature that would allow its customers to see what they spend their money on whenever they purchase an item using the Coinbase Card.
According to the crypto exchange platform, this Spending Summary would further disintegrate user’s crypto purchases into ten different tiers ranging from transportation and cash withdrawals to restaurants and much more. Following the launch of the Coinbase Card in May, the company has enjoyed patronage from various customers across Europe. The company states:
“Since launching Coinbase Card in May, we’ve helped customers in the UK, Ireland, France, Spain, Italy, Germany and the Netherlands, spend over $2,500,000. Every day, thousands of crypto purchases are completed using Coinbase Card, with each transaction seamlessly exchanging crypto into pounds, dollars, euros and more, to instantly spend worldwide.”
The Coinbase Card App is available for download on the iOS and Android platforms. Upon download, Coinbase customers would be required to link it to their Coinbase accounts.
Elaborating on the practicability of the Spending Summary feature, Coinbase asserts:
“Coinbase Card comes with its own iOS and Android apps. It allows you to easily select which crypto wallet you want to make a purchase with before making a payment, offering instant smart receipts after each purchase, and now with Spending Summaries, you can see your monthly spending habits by category.”
The Coinbase Card
Officially launched on the 18th of May, the Coinbase Card was designed to aid users make in-store and online payments using Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and other crypto tokens. The Card is issued by UK-based payment processing firm – Paysafe Financial Services Limited, a financial servicing agency authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011(FRN: 900015) for the issuing of electronic money and payment instruments.
Taking into consideration the tedious process of converting between fiat to cryptocurrencies and vice versa, the development of the Coinbase card is believed to provide an easier means for customers to do so seamlessly. With the Coinbase card, the monotonous process involved in fiat-to-crypto transmutation becomes attenuated into a simple swipe, a single tap of a button or by simple input of user PIN:
“Making crypto easier to use and spend is central to our mission to create a more open financial system.”
Although there are future plans to launch the Coinbase Card in more countries, the card is currently supported in countries including UK, Italy, Germany, Spain, Australia, France, Singapore, Canada, Ireland the Netherlands.