SAN FRANCISCO—Coinbase has removed transaction fees for its Coinbase Card in a move the company said will allow customers to more easily spend their cryptocurrencies.
The popular cryptocurrency exchange, which has seen its value slide significantly in recent weeks, is changing its crypto spending and earning experience by removing the fees and giving users more opportunities to earn rewards, TechRadar reported.
While Coinbase customers often spend U.S. dollars and other stablecoins, crypto spending fees on other assets are viewed as a barrier when it comes to using crypto for everyday purposes.
“For this reason, the company has decided to remove the transaction fee for crypto spending on its Coinbase Card to provide customers with more flexibility in regard to how they spend their crypto or cash,” TechRadar said.
The new offering comes as Coinbase has lost half its value recently as the volatile crypto market has seen a slump. Coinbase reported a $430 million net loss in the first quarter.
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