- Coinbase has unveiled the Coinbase One Card for members in the United States to receive up to 4% Bitcoin back on every purchase.
- The press release discloses that gambling or betting-related transactions may not be included in the reward program.
In a recent update, CNF discussed Coinbase’s recent confirmation of a long-running probe from the US Securities and Exchange Commission (SEC). According to that report, Coinbase is being investigated for allegedly misrepresenting users on its platforms.
Fascinatingly, the exchange’s Chief Legal Officer, Paul Grewal, hinted that they are closely cooperating to close the investigation.
Until then, the exchange is embarking on multiple jaw-dropping projects, including the launch of Coinbase One Card, which is now accessible to the almost 1 million members of the Coinbase One community.
More About the Coinbase One Card
According to the announcement detailing this launch, users with the card would be able to get up to 4% Bitcoin back on every purchase. Meanwhile, it is also disclosed that users could earn more Bitcoins as they hold assets on the exchange. Those under the basic tier category are expected to access Bitcoin rewards for just $4.99 or $49.99 per year.
However, not all transactions are eligible to earn a Bitcoin back. According to the details, transactions suspected to be cash equivalents and gambling or betting-related would be excluded. However, Coinbase reserves the right to determine the eligibility of a transaction.
Coinbase may, at its sole discretion, determine that a transaction is not eligible to earn bitcoin back and may deny, restrict, or claw back bitcoin rewards accordingly. All bitcoin rewards are offered by Coinbase. Bitcoin rewards can decline in value. Rewards Program Terms & Conditions are subject to change.
In the blog post, the benefits of the Coinbase One cardholders were reported to also include zero trading fees on up to “$500 worth of trades on hundreds of assets every month”, exclusive partner benefits, and staking rewards.
American Express’s Involvement
Researching into this move, CNF discovered that the American Express Network powers the Coinbase One Card. According to Luke Gebb, EVP, Amex Digital Labs, their involvement was motivated by the need to shape the future of payments. Also, this initiative underscores their long commitment to encourage innovation, with the Coinbase One card expected to benefit from Amex.
American Express views crypto and blockchain technologies as part of the evolving financial infrastructure with real potential to deliver faster, more efficient ways to move value. Our focus is on practical, compliant applications that create long-term value for customers. The new Coinbase One Card will benefit from Amex’s secure, innovative network, designed to deliver trusted, seamless experiences for Card Members in an evolving payments landscape.
Over the past several months, Coinbase has been sealing several crypto-related partnerships, with the recent one involving Webull Pay. As noted in our earlier post, this is to enable a seamless crypto experience with staking, trading, and USDC rewards integrations.
The crypto exchange is also reported to be working on the acquisition of Dubai-based crypto derivative platform Deribit. As we reported last month, the deal involves $2.9 billion and could be made up of $700 million in cash and the rest in Coinbase shares. Adding to this, Coinbase has now become the first cryptocurrency firm to be added to the S&P 500 Index, as also detailed in our previous news piece.
