Coinbase, the cryptocurrency exchange that allows users to buy, sell, and store various digital currencies, is rolling out a rewards card in the US.

The card, which is backed by American Express, offers users Bitcoin rewards.

The card is currently available exclusively to Coinbase One members in the US at no additional cost.

Members pay £49.99 per year for premium benefits such as zero trading fees and enhanced staking rewards.

Issued by First Electronic Bank, thanks to a partnership with FinTech Cardless, the card offers up to four per cent cashback in Bitcoin on purchases, with a tiered system that allows cardholders to earn more Bitcoin the more assets they hold on Coinbase.

The reward tier structure is divided into two per cent rewards for assets under £10,000; 2.5 per cent for assets between £10,000 and £50,000; three per cent for assets between £50,000 and £200,000; and four per cent for assets over £200,000.

The card has no foreign transaction fees and offers a range of features linked to the American Express network, including Amex offers, purchase protection, lost or damaged luggage insurance and emergency assistance.

Rewards are deposited directly into customers' Coinbase accounts.

The move comes after the crypto platform recently announced its investment in CoinDCX, one of the leading cryptocurrency exchanges in India and the Middle East, with the aim of strengthening its presence in these regions.

CoinDCX is one of India’s largest crypto exchanges, with over 20 million users.

Coinbase said at the time that the deal builds on its previous investments in CoinDCX through Coinbase Ventures, with the move signaling confidence in the crypto exchange’s growth trajectory as it continues to boost its presence in regions with high adoption potential.

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