Coinbase announced that it has waived transaction fees for its Coinbase Card (Opens in a new tab) to make it easier for customers to spend their crypto (Opens in a new tab).
The popular cryptocurrency exchange (opens in a new tab) is reinventing the cryptocurrency spending and money-earning experience by eliminating transaction fees and giving users more opportunities to earn rewards.
While Coinbase customers often spend USDC and other stablecoins (opens in a new tab), fees for spending cryptocurrency on other assets are seen as a barrier when it comes to using cryptocurrency for everyday purposes. For this reason, the company decided to remove transaction fees for crypto spending on its Coinbase card to give customers more flexibility in how they spend their crypto or money.
At the same time, as customers spend more, Coinbase wants to make it easier for them to fund purchases on their crypto debit cards by giving them more options to easily load their cards. They can now do this by depositing some or even all of their paycheck into Coinbase with no direct deposit fees.
Rotating and unlimited rewards
One of the ways Coinbase Card encourages users to explore and learn more about different cryptocurrencies is through crypto rewards (opens in a new tab).
According to a new blog post (opens in a new tab) from Coinbase, customers will soon have the ability to easily earn new assets from a rotating list of crypto rewards with the swipe of their card. Through the company's rotating rewards structure, customers will continue to earn up to 4% on each purchase.
Although these rewards have an expiration date, if a customer does not select a reward at the start of the next spin, Coinbase will automatically give them a reward with the highest crypto return rate so they can diversify their income.
In addition to rotating rewards, Coinbase customers can continue to earn unlimited crypto rewards when they use their Coinbase card anywhere Visa debit cards are accepted.
Coinbase plans to remove the waitlist later this spring so that all US customers (except Hawaiians) can sign up for Coinbase Card and start spending their crypto more easily online and in stores.