Coinbase Debit Card is coming to the US market according to the announcement of the company’s CEO Brian Armstrong, but the date is still unknown. Following the latest cryptocurrency news, Armstrong answered multiple questions on the YouTube AMA mostly regarding the community ‘’trust ratings.’’
Another discussion about margin trading also occurred, when Armstrong stated that so far, the feature is among the most requested ones. He says a lot of exchanges offer leveraged trading and are doing fine since there is a clear market demand for it. But, when it comes to offering this product to the customers, there are a ton of regulatory issues to be settled first. Coinbase aims to become a world-leading exchange which means that the products will have to meet the regulatory standards. He said:
“This is one of those products where you have to innovate not just on the technology, but also on the regulatory side.”
Armstrong confirmed that his company will be offering the Coinbase debit card services to the U.S but he couldn’t reveal when. Coinbase tried to offer a crypto debit card before but he has some revealing things to say about the platform’s fraud prevention program. Armstrong explained:
“Unfortunately, there’s people out there who trade in stolen bank accounts and credentials, and they often come and try to use them. That’s why in actually making a fiat-to-crypto exchange, one of the hardest things to do is fraud prevention, in addition to the security and regulation. We put holds up there because we’re waiting to see if we get chargebacks from fraudulent accounts. The fraud rate is something we measure really carefully, because it ever gets out of hand, I mean, it can wipe our entire margin from the fee that we charge for these things.’’
According to Armstrong, we are going towards a world where there has to be probably about five cryptocurrencies that are doing a lot of the payment volume. However, he believes that there will be millions of tokens out there one for each project or company. He also hinted as reported in the coming altcoin news, that Coinbase might improve the price alerts for the assets listed on the platform but there is still no similar feature rolled out because they don’t want to be ‘’annoying.’’
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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