Starting this week, Coinbase is making it easier than ever to spend your crypto as if it was real currency. 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. However, most people interested in the card are currently on a waitlist …
Coinbase says it is working through the waitlist and is now sending out rolling invites to interested users to actually sign up for a card. Once signed up, Coinbase will send you a physical Visa debit card in the post … or you can start using Coinbase Card through Apple Pay instantly.
If you have the physical card, you can set up Apple Pay on your iPhone or Watch like any other physical bank credit and debit card. If you don’t have the card, once you are approved you can add the virtual card to your Apple Wallet through the Coinbase app.
When you make a purchase with the Coinbase card, any cryptocurrency held on your Coinbase account is automatically converted to US dollars to complete the transaction. This incurs standard Coinbase’s standard conversion fees.
Whether you should be spending your crypto in this way or holding it like an investment asset, well that decision is left up to you.
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