Shift Card, a US-based Visa and debit card that allow users to spend their cryptocurrencies directly from Coinbase’s account, will soon shut down its operations.
Shift Card emailed a letter to all its customers. According to the letter, Shift Card will cease giving services as of Aril 11 2019. The company stated customers would be able to continue using the card until the closure date. The letter added that the company hopes to re-launch its services in the coming future.
Coinbase (NASDAQ: COIN) launched the Shift Card back in 2015 with the aim of allowing customers to spend their cryptocurrencies tethered to their account wherever Visa is accepted. The Metropolitan Commercial Bank issued the card, which uses both VISA and Mastercard payment network. The Shift Card works by deducting funds directly from Coinbase users accounts based on the spot price of the cryptocurrency in real time.
Customers have less than two months to continue enjoying this serve. The letter stated:
“We, unfortunately, will be retiring the program in April of this year. Do not worry; your Shift Card will continue to work until that date. We hope to re-launch the program and issue new cards in the future. Thank you for your patience.”
In the email, the firm does not explain why they intend to close down their operations. Reportedly, after closure, citizens in the United States will only have one reliable option, the Bitpay Visa card. Bitpay Visa already has a prepared Visa card linked to their cryptocurrency wallet. This card supports instant conversion of Bitcoin core and Bitcoin Cash to US dollars. It also supports conversion of cryptocurrency to local fiats outside the country.
However, US citizens still have other debit card companies offering crypto services. Last year, LibertyX formed a partnership with Genmega, a fiat ATM supplier in the region. The partnership sought to provide residents with the ability to purchase cryptocurrencies using their debit cards directly through the ATMs.
Debit cards have proved quite helpful for cryptocurrency users by allowing them to spend their funds. Currently, many debits cards support cryptocurrencies. These include Wirex, Revolute Metal card, Uquid Crytopay, and Spectrocoin.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.