Coinbase-Supported BTC Debit Card Provider to Shut Services

Coinbase’s debit card providing partner Shift Card has announced that it is going to shut down its debit card services.

The company, in an email to its users, notified that it would shut its cryptocurrency debit card services in April.

The report first surfaced on a subreddit when a user shared a screenshot of the email.

“We, unfortunately, will be retiring the program in April of this year. All Shift Cards will be officially deactivated on April 11th, 2019,” Shift Card noted, adding: “Don’t worry, your Shift Card will continue to work until that date.”

Shift Card is closing services April 11th from r/Bitcoin

Coinbase launched Shift Card in November 2015 after signing a partnership deal with Shift Payment. The card was issued by the Metropolitan Commercial Bank and could be used in both VISA and Mastercard payment networks. With the boom in the market in 2017, multiple providers issued Shift-based debit cards in various countries.

The company, however, did not reveal any reason behind the shocking move. Many Reddit users are citing VISA and Mastercard’s plan to increase transaction fees for US merchants as the primary reason for the shutdown.

Although a convenient option to use Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term in day-to-day activities, crypto debit cards attracted a lot of skepticism as well. The volatile nature of the coins makes it hard to comfortably use the card at payment points. Moreover, a steep $20 issuance fee also created some hurdles on its way.

Extending Support for Customers

Coinbase, however, is continuously expanding its other business areas. The Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term recently added the private key backup feature on its wallet platform following the addition of BTC support.

The exchange also added support for cross-border wire transfers for institutional clients in Asia, and Europe and integrated TurboTax on its platform to allow its customers to claim crypto trades on their taxes.