Coinbase Launches Bitcoin Rewards Card With Cardless

Coinbase, the popular cryptocurrency exchange platform, has partnered with Cardless, a U.S.-based fintech company, to launch the new Coinbase One Card on the issuer’s embedded credit card platform.

“Partnering with Cardless has let us build a deeply customized and secure card product that aligns with our mission to increase economic freedom and makes it easy for people to earn rewards with the power to grow,” said Max Branzburg, head of consumer and business products at Coinbase.

Let’s take a look at everything you need to know.

New Coinbase One Card Coming Soon

Cardless shared in a press release that it has built an “embedded credit card platform” that “simplifies the complexities of card issuance, compliance, customer support, and capital markets.”

This eliminates the need for an institution to partner with a legacy bank or credit issuer. Cardless’s new platform allows them to create everything needed to issue a credit card product directly from their own channels, which Cardless claims will create a superior customer experience.

Coinbase is the first partner to issue a card via Cardless’ new embedded platform. The Coinbase One card will be released “later this summer,” initially to Coinbase One customers on the waitlist.

Coinbase One members will be able to earn up to 4% back in Bitcoin on every purchase. According to Cardless, the new cryptocurrency rewards card will be available to the broader public in the fall.

The Coinbase One card will be within the American Express network, which means it will be accepted anywhere that takes Amex. Additionally, it will come with signature features such as purchase protection, roadside assistance, and more.

Cryptocurrency Rewards Cards Gaining Popularity

There are several cards available now that offer cryptocurrency as rewards, and another from Fold is on its way this year.

Despite the rise in popularity of crypto-earning credit cards — and cryptocurrencies in general — it remains an unregulated and volatile asset. The Securities and Exchange Commission (SEC), the government authority regulating U.S. financial markets, has repeatedly warned investors to be cautious with crypto. Its volatility means it could lose significant value against the U.S. dollar at any moment.

At any rate, Coinbase is the world’s largest Bitcoin trading platform. The fact it’s getting into the credit-card game indicates that it believes crypto-rewards cards are here to stay.

Final Thoughts

Coinbase, in partnership with Cardless, will soon roll out a credit card that will earn up to 4% back in Bitcoin. For fans of Bitcoin who use the Coinbase platform, this could be an interesting way to earn Bitcoin as a reward for everyday purchases.