Coinbase CEO Proposes the Introduction of a Crypto Debit Card in the US

Coinbase CEO Proposes the Introduction of a Crypto Debit Card in the US



Coinbase CEO Proposes the Introduction of a Crypto Debit Card in the US

Coinbase CEO, Brian Armstrong conducted a Live YouYube AMA on 16 May 2019, wherein he announced that his company is working on the introduction of a debit card to cryptocurrency users in the United States. However, he did not reveal any particular date for the launch of the card. The Coinbase card and its associated expense managing app have already been introduced to the cryptocurrency users in the United Kingdom.

The card will enable users to carry out online and in-store transactions using the balances they hold in respective cryptocurrencies. The associated expense managing app also enables the users to keep track of their crypto balance in a convenient manner. Armstrong believes that this could be a potential breakthrough in the conventional ways of accessing financial services.

He said,

‘The most important thing to understand about the cryptoeconomy is that we’re not simply righting the wrongs of finance 1.0. We’re creating an entirely new way to access financial services’

Armstrong also touched upon an important topic which has been going around for quite a lot of time, margin trading. Citing examples of a few other exchanges, he inferred that there would be an ample demand for it in the market. Many of the cryptocurrency users have recommended the addition of this feature to Coinbase, he said.

In addition, he stressed upon the need for meeting the necessary regulatory standards. Although margin trading is not something they have finalised, it is definitely something that digital currency exchange is taking into consideration.

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