San Francisco-based Coinbase is now allowing instant cash withdrawal through Mastercard and Visa debit cards.
“Don’t wait days for your cash when you need it now,” it says.
In a move towards the defining characteristics of crypto, transacting instantly, and anywhere, anytime that is curbed by the traditional banking system, Coinbase is offering instant withdrawals in about 40 countries.
These instant withdrawals will cost US customers a 1.5% fee (minimum $0.55), while for the UK and European customers, it is up to 2%.
“The ability to easily spend, send, and receive crypto is critical to growing the cryptoeconomy, so we’ll continue building even more ways for our customers to access and use their crypto on Coinbase,” said Lo.
Using Visa to convert crypto balances into fiat means it can be spent at more than 60 million merchant locations while providing “faster, simpler and more connected experience” for Coinbase users, said Terry Angelos, SVP and global head of fintech, Visa.
Customers have the option to select between standard or instant withdrawal methods.
According to Sherri Haymond, executive vice president, Digital Partnerships at Mastercard, today’s digitally driven consumers want real-time payment options, and Mastercard will help them achieve “greater flexibility and convenience” in converting their cryptocurrency into fiat currency.