Crypto exchange Coinbase Global Inc (NASDAQ:COIN) announced today that users could make purchases with crypto on Apple Inc (NASDAQ:AAPL) and Alphabet Inc (NASDAQ:GOOGL) Google Pay using their Coinbase Card.
What Happened: The newly introduced service will also enable cardholders to earn up to 4% in “crypto rewards” when using cryptocurrency to make purchases.
“Splurging for guacamole with your Coinbase Card is a no-brainer when you can earn 1% back in Bitcoin or 4% back in Stellar Lumens,” said Coinbase in a blog.
Google Pay users can add their Coinbase Card directly from the app, while Apple Pay customers can use the Wallet app on their iPhones to link to their Coinbase Card.
At the point of purchase, Coinbase will automatically convert cryptocurrency to U.S, dollars to complete the transaction, and in doing so, the exchange noted that standard conversion fees would apply.
Why It Matters: The support from Apple comes shortly after the tech giant listed job post for ‘Alternative Payments’ requiring someone with cryptocurrency experience.
“The Apple Wallets, Payments, and Commerce (WPC) team is seeking an experienced Business Development Manager to lead Alternative Payments Partnerships,” said the company.
Apple specified that it was looking for candidates with over five years of experience “working in or with alternative payment providers, such as digital wallets, BNPL [buy now pay later], Fast Payments, cryptocurrency and etc.”
Price Action: At press time, Bitcoin was trading at $36,916, up 1.02% in the past 24-hours. The leading cryptocurrency saw $35 billion in trading volume during the same time period and accounted for 42.34% of the crypto market.