Buying bitcoin on Coinbase just became easier, especially for its European users. Customers from about 26 different European countries can now use their credit card or debit card to buy bitcoin on the platform. Given the huge market size, this new feature has been long overdue as there are already other bitcoin platforms who are offering similar services for a while now.
Coinbase had initially introduced the credit card and debit card payments feature for its customers in the United Kingdom and Spain. The company has now extended the feature to rest of Europe. In order to use this new feature users will have to select Credit/Debit card option on the payment methods page and add their card details. Once the card is added, they can start making transactions either in GBP or EUR, depending upon their local currency.
Coinbase platform currently accepts only 3D Secure enabled credit and debit cards. Unlike other cards, 3D Secure enabled cards have two factor authentication built in to prevent cases of credit/debit card fraud. Once the user clicks on the pay button, he/she will be redirected to a 3D Secure page where they should enter the security code or predetermined password to execute the transaction. Attempts to use non-3D secure cards on Coinbase will throw an error. Coinbase advises users to contact their bank to find out whether their card is 3D Secured or not. If not, they should apply for a new card or request for activation.
Coinbase has been on an expansion spree since last year. Established in 2012, the San Francisco based company has its presence in over 26 countries and it has plans to expand its presence to over 30 countries by the end of this year. According to the company’s website Coinbase has over 2.6 million users, 4 million registered wallets and 40,000 merchants signed up with them.