Coinbase is set to launch its bitcoin rewards card for the numerous Americans currently on its waitlist.
Available to Coinbase One subscription members in the U.S., this American Express card is being introduced through a partnership with fintech company Cardless and is issued by First Electronic Bank.
Cardholders earn bitcoin based on the value of their assets held on Coinbase, starting at two percent and potentially increasing to four percent back on every purchase. Since the waitlist opened, early users have made over $100 million in transactions, averaging about $3,000 monthly. Additionally, the company reports that users are engaging more with Coinbase, depositing an additional $200 million in assets on the platform.
Beyond earning bitcoin on purchases, users also gain access to benefits from the American Express Network, including unique experiences, special offers, and various protections.