"The UK is a great first market for the Coinbase card with its thriving fintech ecosystem and consumer willingness to try new ideas". The card can be used for cash withdrawals from ATMs, also.
You can spend any cryptocurrency that is supported by Coinbase.com in the jurisdiction that you live in, as long as you have a non-zero balance in the wallet for that cryptocurrency in your Coinbase.com account.
Appropriately enough, the new "Coinbase Card" was announced on the same day that Coinbase's previous attempt at a crypto-to-fiat Visa debit card, the "Shift Card", which was only for USA customers, is supposed to stop working (since that program has now been "retired").
As reported by Forbes, Coinbase, one of the world's biggest exchanges, has taken a major step towards showing the world that by utilizing a Visa-produced Coinbase Card anyone can spend digital coins easily as if those were money in their bank account.
At this stage, it's available for the United Kingdom clients, only, while other unspecified European customers might be supported in the coming months, the company said in a blog post. Presumably it just uses whatever the exchange rate is on Coinbase at time of purchase, but I've asked Coinbase to be sure that there are no additional fees and will update this post when I hear back from them.
With the launch, the first 1,000 people to add themselves to the Coinbase Card waitlist will be exempt from the £4.95 issuance fee for the card, which is issued by United Kingdom payment processor PaySafe.
Transactions will be subject to a 2.49 percent (1.49 percent cryptocurrency conversion fee + 1 percent transaction fee), but there will not be any cost incurred by domestic ATM withdrawals of up to £200 per month. As per Forbes, Coinbase does not intend to go further than Europe with this card yet. The monthly purchase limit is £20,000, with a yearly purchase limit of £50,000. However, Coinbase has stated it has plans to support other European countries in the coming months.
At the moment, the Coinbase Card is only available for United Kingdom citizens.