Coinbase Introduces One Card Offering Up To 4% Bitcoin Rewards

Coinbase is set to introduce the Coinbase One Card this fall, offering users up to 4% back in Bitcoin on every purchase. This new card is developed in partnership with American Express and is designed to reward users in Bitcoin, starting at 2% and increasing based on the amount of assets held on the platform. The card will be available exclusively to Coinbase One members in the United States.

In addition to earning Bitcoin on everyday spending, Coinbase One members will benefit from features such as fiat spending, integrated crypto access, and a mobile app that supports both Android and iOS. This move is part of a growing trend in the crypto industry, where exchanges are developing branded payment cards that allow users to spend fiat. Earlier this year, Kraken announced the launch of Mastercard-powered physical and digital debit cards for users in the U.K. and Europe, enabling crypto payments at over 150 million merchants through its Kraken Pay platform. Similarly, OKX exchange has partnered with Mastercard to launch the OKX Card, a debit card enabling users to spend stablecoins and other crypto via the Mastercard network.

These new launches further broaden the range of crypto cards already available from major exchanges. Crypto.com provides the widely used Crypto.com Visa Card accessible across multiple regions. Bybit offers a rewards crypto card to select users, featuring up to 10% cashback on everyday purchases. MEXC also offers a prepaid Mastercard that enables users in select European countries to spend their digital assets worldwide.

Coinbase is also rolling out a new Basic tier of its membership program at $4.99 per month or $49.99 per year, giving users access to the card, zero trading fees on the first $500/month in trades, up to 4.5% APY on USD Coin (USDC) holdings, and $10/month in sponsored smart wallet gas on Base. This initiative is part of Coinbase's ongoing efforts to innovate and provide value to its users, as the company continues to navigate the evolving landscape of digital finance.

The launch of the Coinbase One Card marks a significant step for the company as it continues to expand its suite of financial products. By offering a credit card that rewards users with Bitcoin, Coinbase is positioning itself as a leader in the intersection of traditional finance and cryptocurrency. This move also aligns with the company's broader strategy of providing users with more ways to integrate cryptocurrency into their daily lives. The card's launch is expected to drive user engagement and adoption of cryptocurrency, as it provides a tangible benefit for users who hold digital assets on the Coinbase platform. The partnership with American Express further enhances the card's appeal, as American Express is known for its robust rewards programs and extensive network of merchants.