What Happened
On June 12, 2025, Coinbase announced the launch of its first branded credit card in collaboration with American Express. This new offering, named the Coinbase One Card, is exclusively available to members of Coinbase One, the company’s subscription service that provides benefits such as zero trading fees and increased staking rewards. The card is set to allow users to earn between 2% and 4% back in Bitcoin on their purchases, with availability anticipated in the fall of 2025.
Coinbase has also introduced a lower-cost subscription tier called “Basic,” which offers fewer rewards at a reduced price. The Coinbase One subscription costs $29.99 per month, while the Basic tier is priced at $4.99 per month or $49.99 annually. The partnership with American Express aims to enhance the user experience by combining everyday usability with crypto-related rewards and benefits typically associated with the American Express network.
Key Details
- Launch Date: The Coinbase One Card is expected to be available in the fall of 2025.
- Eligibility: Exclusively for U.S. members of the Coinbase One subscription service.
- Rewards Structure: Cardholders can earn 2% to 4% back in Bitcoin on purchases.
- Subscription Costs: Coinbase One is priced at $29.99 per month; the Basic tier costs $4.99 per month or $49.99 per year.
- Previous Offerings: This is Coinbase’s first credit card, although it previously launched a prepaid debit card in partnership with Visa in 2020.
- Market Context: The launch comes amid a broader trend of increasing product offerings in the cryptocurrency space, influenced by favorable regulatory developments.
Multiple Perspectives
The introduction of the Coinbase One Card has garnered various opinions within the financial and cryptocurrency communities. Supporters argue that this card represents a significant step in integrating traditional financial services with cryptocurrency, potentially attracting a broader audience to both Coinbase and the crypto market. Will Stredwick from American Express noted the potential of combining Coinbase’s offerings with the backing of American Express to meet customer demands.
Conversely, some analysts express caution regarding the sustainability of such rewards programs, especially given the volatile nature of cryptocurrencies. Andrew Jeffrey from William Blair highlighted that subscription revenue growth will be crucial for long-term investors in Coinbase, suggesting that while the card may attract new users, the overall market dynamics and regulatory landscape will play significant roles in its success.
Additionally, the competitive landscape is noteworthy, with other platforms like Gemini and PayPal’s Venmo offering similar crypto-back credit card products. The success of Coinbase’s offering may depend on how it differentiates itself from these competitors.
Context & Background
Coinbase has established itself as a leading cryptocurrency exchange, focusing on providing a user-friendly platform for both retail and institutional investors. The launch of the Coinbase One Card aligns with the company’s strategy to diversify its revenue streams beyond trading fees, which totaled $1.26 billion in the first quarter of 2025, compared to $698.1 million from subscriptions and services.
The broader cryptocurrency market has been experiencing a resurgence, partly due to favorable regulatory developments and increased interest from institutional investors. The Trump administration’s pro-crypto policies and anticipated clearer regulations from Congress are expected to further stimulate growth in the sector. As such, the timing of the Coinbase One Card’s launch may capitalize on this momentum.
What We Don’t Know Yet
While the announcement provides a framework for the Coinbase One Card, several uncertainties remain. The specific terms and conditions of the rewards program have yet to be fully disclosed, and it is unclear how the card will perform in a competitive market that includes established players like American Express and emerging fintech companies.
Moreover, the long-term viability of cryptocurrency rewards programs is still under scrutiny, particularly in light of market volatility. The impact of potential regulatory changes on the cryptocurrency landscape and how they may affect Coinbase’s operations and offerings is also an area that requires further observation.
In summary, while the Coinbase One Card represents a significant development for Coinbase and the integration of cryptocurrency into traditional financial services, its success will depend on various factors, including market conditions, regulatory developments, and competitive responses.
