Coinbase has announced the launch of its first branded credit card, the Coinbase One Card, which rewards users with Bitcoin cashback. Set to launch this fall in partnership with American Express, the card will be exclusively available to U.S.-based Coinbase One subscribers. Cardholders can earn up to 4% Bitcoin back on their purchases, aiming to attract more subscribers to Coinbase's subscription service that already includes zero trading fees and enhanced staking rewards.
The move aligns with Coinbase's strategy to diversify revenue streams beyond transaction fees, with subscription revenues reaching $698.1 million in Q1 2025—a 9% increase quarter-over-quarter. Coinbase One now boasts over 1 million subscribers, reflecting growing demand for premium crypto services.
In addition to Bitcoin rewards, Coinbase plans possible future expansions to offer rewards in other cryptocurrencies like Ethereum and Solana, emphasizing that the card and its benefits will evolve over time based on market feedback.
The announcement coincided with the State of Crypto Summit in New York, where Coinbase also mentioned plans to expand U.S. perpetual futures trading, currently limited to non-U.S. users, in collaboration with the Commodity Futures Trading Commission (CFTC).
This credit card launch enters a competitive landscape where other crypto platforms and major companies, including MetaMask, Mastercard, OKX, and Kraken, have also introduced crypto-based payment cards. American Express’s previous crypto ventures with Abra further strengthen the partnership's credibility.