The Coinbase debit card, which can be powered by cryptocurrencies, will now support Dai (DAI). This is a dollar-linked Stablecoin.
Coinbase, December 6, posted a post on its blog. It informs that Dai is the first stablecoin available on their card. The stock exchange product also supports the main cryptocurrencies such as Bitcoin (BTC) or Litecoin (LTC). The cost of 1 DAI is always 1 USD. Adding stablecoin to Coinbase card is a very interesting solution. This allows customers to issue and store cryptocurrencies without the risk of fluctuations in exchange rates – informs the announcement.
So far, Coinbase has not answered many questions about their decision to choose Stablecoin. Many people are wondering why the stock exchange focused its attention on DAI and not on some other stablecoin reflecting the dollar exchange rate.
More than one DAI function
As it turns out, Dai is not just an extra resource to release. It is also a tool aimed at speeding up the adoption and development of alternative payment methods – as the head of marketing at Coinbase says – JD Millwood.
“This is a small step in our great journey to make cryptocurrencies accessible to all. We want to achieve this through alternative payment methods that match our diverse customer base.
The Coinbase card currently supports 10 cryptocurrencies.
It was launched on the market in April 2019. It is a Visa debit card, which allows users to pay in cryptocurrencies for goods and services. It can also be used to withdraw money from ATMs. It immediately converts cryptocurrencies products from customers into cash. The country where the Coinbase card was introduced for the first time was Great Britain. In June, the product was issued in six European countries. They belong to them: Spain, Germany, France, Italy, Ireland and the Netherlands.
According to the information on the official Coinbase website, the card currently supports a total of 10 cryptocurrencies. These are: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Basic Attention Token (BAT), Augur (REP), 0x (ZRX), Stellar Lumens (XLM) and Dai (DAI).