Coinbase Launches New Credit Card for Subscribers

New York City, NY – Coinbase has launched its first branded credit card in partnership with American Express, exclusively for U.S. subscribers of its Coinbase One service. This card aims to enhance the rewards system by allowing users to earn between 2% and 4% back in cryptocurrency, which will start this fall.

The Coinbase One subscription, which costs $29.99 per month, offers benefits like zero trading fees and additional perks. For users seeking a more affordable option, Coinbase plans to introduce a Basic subscription tier priced at $4.99 a month.

Will Stredwick from American Express spoke about the launch at the Coinbase State of Crypto Summit. He expressed confidence in the collaboration, saying, “We see real potential in the combination of Coinbase and crypto with the powerful backing of American Express.”

Coinbase’s core business revolves around its crypto exchange, catering to both retail and institutional investors. However, the company has broadened its focus to include subscription services, reporting $698.1 million in revenue from subscriptions and services last quarter.

Since its launch in 2023, Coinbase One has attracted over one million members. The company also offers a developer platform called Base and a self-custody wallet. As anticipation grows in the crypto industry, this credit card launch marks Coinbase’s significant push into mainstream financial services.

This is not Coinbase’s first foray into payment cards, as the company previously launched a prepaid debit card in 2020. The current credit card aims to fill a gap in the market following the unfulfilled launch of a crypto-back card from American Express and trading platform Abra last year.

Other companies like Gemini also provide crypto-back credit cards, and Venmo enables users to earn cryptocurrency through its credit card. Coinbase’s new offering is set against a backdrop of evolving regulatory support for cryptocurrency in the United States.