Coinbase Card, a crypto-powered Visa debit card, has announced the adoption of DAI, a stablecoin pegged to the US dollar.
The announcement held that the Coinbase card addition is aimed at users who want to experience and spend cryptocurrencies without price fluctuations.
Buy with DAI: our 10th asset — and first stablecoin — is now available on #CoinbaseCard pic.twitter.com/SCLiJDYubc
— Coinbase Card (@CoinbaseCard) December 6, 2019
The announcement also noted that MakerDAO’s Ethereum-based DAI is the first stablecoin available for crypto debit card users. Alongside major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
The debit card, launched this April, allows customers in the UK and the EU to spend their cryptocurrencies directly from their Coinbase wallets.
Recently, Coinbase Card added support for four crypto assets. Namely, Brave browser’s basic attention token (BAT), Augur (REP), Stellar (XLM) and 0x (ZRX).
According to JD Millwood, head of marketing at Coinbase, users can pay with the card for Christmas shopping in millions of locations worldwide. Because the debit card converts any cryptocurrency to fiat money that you can spend with your VISA card.
Millwood further said: “Spending crypto as easily as money in your bank account is exactly what Coinbase Card lets you do. But for us, it doesn’t stop there. Spending summaries, combined with our brand new monthly statements feature, make tracking your crypto spending easy.”
Coinbase Card expanding its reach
As earlier reported the debit card has been expanding its brand, creating awareness and increase its users. Coinbase Card recently entered ten new countries in Europe, bringing the total to 29. The countries include Bulgaria, Croatia, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania, and Sweden.
Other companies are currently also leveraging DAI to bridge the two worlds of decentralized and traditional finance. MakerDAO, Monolith, and Digix announced a new partnership that brought DAI to 31 countries throughout the entire European Economic Area.
Notably, DAI is different from a typical currency-pegged stablecoin because bank accounts don’t support it. Instead, to generate it you first have to put Ether into a CDP smart contract.
