November 2, 2021 | 3 min read

Case study: Coinbase brings crypto-backed card to reality

Case study: Coinbase brings crypto-backed card to realityCase study: Coinbase brings crypto-backed card to realityCase study: Coinbase brings crypto-backed card to reality

Coinbase, a cryptocurrency platform that enables access to the broader cryptoeconomy, was founded in 2012 by Brian Armstrong and Fred Ehrsam with the mission of enabling more economic freedom for the world. Coinbase began with the idea that anyone, anywhere, should be able to access Bitcoin securely. It launched with a service that enabled users to buy and sell bitcoins by using a linked bank account as the payment method for purchases. Since then, it has expanded to provide end-to-end financial infrastructure and technology for the cryptoeconomy.

Coinbase reports it has 68 million verified users and 9,000 institutions, and 160,000 ecosystem partners in over 100 countries that trust Coinbase to easily and securely invest, spend, save, earn, and use crypto.

Coinbase offers safe, trusted, and easy-to-use ways to store, spend, earn, and use cryptocurrency. And as customers experience the benefits of an open financial system, they’re seeking to deepen their participation in the cryptoeconomy beyond just investing. Coinbase customers wanted a way to spend their cryptocurrency as easily as they could trade it. In response, Coinbase has set its sights on offering a debit card with the same security and ease of use.

With the Coinbase Card powered by Marqeta, customers can choose which cryptocurrency from their Coinbase wallet they would like to use. At the time of purchase, the cryptocurrency will be sold, and within seconds the transaction will be completed in U.S. dollars. By using Marqeta’s Gateway Just-in-Time (JIT) Funding feature, Coinbase makes it simple for Coinbase users to spend from their cryptocurrency balances wherever Visa® debit cards are accepted.

“Coinbase set out to make spending cryptocurrency as seamless as sending an email. With Marqeta’s flexible APIs, we’ve been able to create a customizable debit card that simplifies how cryptocurrency holders can make purchases. Its Gateway JIT Funding feature allows us to easily oversee transaction approvals and fund cryptocurrencies at the prevailing dollar price in real time, ensuring our customers always have fast access to their money.” – Muneeb Imtiaz, Product Manager

Learn more about Marqeta and Coinbase’s partnership. Read the full case study here:

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