Chamath Palihapitiya 'Excited' About Coinbase's Upcoming Crypto Credit Card That Promises Bitcoin Rewards
Venture capitalist and vocal cryptocurrency advocate Chamath Palihapitiya expressed excitement Monday on receiving a rare commemorative cryptocurrency credit card from Coinbase Global Inc. (NASDAQ:COIN)
What happened: Palihapitiya took to X, flaunting a special edition Coinbase One Card, which is engraved with Bitcoin's (CRYPTO: BTC) Genesis block mined by the enigmatic Satoshi Nakamoto.
"Excited to get my own in the fall, which comes with 4% back via Bitcoin. Long live BTC!," Palihapitiya said.
See Also: Coinbase Global Stock Hit A New 52-Week High Today: What’s Going On?
Why It Matters: The card, set to launch in the fall of 2025, is powered by payments giant American Express Co. (NYSE:AXP) and promises up to 4% in Bitcoin rewards for every purchase.
However, there are certain caveats. The card would be available only to those having its premium subscription service, Coinbase One, annual memberships of which start at $49.99/year.
Moreover, Coinbase clarified that it reserves the right to decide which transactions are eligible for rewards.
Price Action: At the time of writing, BTC was exchanging hands at $117,014, down 1.26% in the last 24 hours, according to data from Benzinga Pro.
Shares of Coinbase rose 0.56% in after-hours trading after closing 1.47% lower at $413.63 during Monday’s regular trading session. Year-to-date, the stock has grown over 66%.
As of this writing, COIN ranked high on the Momentum and Growth metrics. Want to check how other cryptocurrency-focused stocks fare in these categories? Explore Benzinga Edge Stock Rankings.
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Posted-In: Cryptocurrency
