Crypto exchange Coinbase is planning to launch a credit card that offers bitcoin
cashback, the company said on Thursday.
The Coinbase One Card, issued in partnership with American Express, includes perks such as earning 4% in BTC after purchases, boosted rewards on USDC stablecoin holdings and higher staking rewards and transaction credits on Base, the Ethereum layer-2 network developed by the exchange, according to the card’s website. The card’s rollout is expected this fall.
The move comes as more crypto platforms and exchanges are rolling out payment cards to enable users to spend their blockchain-based token stash on everyday purchases. For example, self-custodial wallet MetaMask introduced its debit card last year, while Mastercard unveiled plans in April to launch debit cards with crypto exchanges OKX and Kraken.
It’s also not the first crypto endeavour for Amex, either: the company issued a credit card offering crypto rewards with Abra in 2022.
Coinbase’s announcement coincided with the company’s State of Crypto Summit event in New York, where the exchange also hinted at expanding perpetual futures trading to the U.S., according to media reports.
Perps trading has been limited to non-U.S. users at Coinbase Advance. However, the exchange said earlier this year in a blog post that it was working with the Commodity Futures Trading Commission (CFTC) towards making “perpetual-style futures contracts” accessible to U.S. users.
