Coinbase to Launch Credit Card with Up to 4% Bitcoin Cashback per Transaction

On June 12, Coinbase announced a series of initiatives at its 2025 State of Crypto Summit, headlined by the upcoming launch of the Coinbase One Card, a credit card powered by the American Express network that will reward users with up to 4% Bitcoin (BTC) cashback on purchases. Scheduled for a fall 2025 launch, the Coinbase One Card represents a groundbreaking step in merging cryptocurrency rewards with traditional financial services, appealing to both crypto enthusiasts and mainstream users. Additionally, Coinbase revealed plans to introduce CFTC-compliant perpetual futures trading in the U.S. and integrate decentralized exchange (DEX) functionality from its Base network into its main application, expanding access to millions of on-chain assets.

Coinbase One Card: Bitcoin Rewards for Everyday Spending

The Coinbase One Card, issued by First Electronic Bank, will allow users to earn 2% to 4% Bitcoin rewards on everyday purchases, depending on their Coinbase One membership tier. This move builds on Coinbase’s strategy to make cryptocurrency a practical component of daily transactions, offering rewards in BTC rather than traditional points or miles. The card will also provide access to American Express perks, such as purchase protection and exclusive offers, combining the appeal of crypto rewards with established financial benefits.

As of June 13, Bitcoin’s price stood at approximately $104,700, reflecting a 12% increase year to date. This price point underscores the potential value of earning BTC rewards, particularly for high-spending users who could accumulate meaningful amounts of Bitcoin over time.

Strategic Context: Bridging Crypto and Traditional Finance

The Coinbase One Card is part of a broader push by Coinbase to integrate cryptocurrency into mainstream financial and consumer ecosystems. Recently, Coinbase partnered with Stripe and Shopify to enable merchants on Shopify’s platform to accept USD Coin (USDC) payments on the Base network, its layer-2 scaling solution built on Ethereum. This collaboration allows buyers in 34 countries to use USDC from popular crypto wallets for Shopify purchases, with merchants able to seamlessly convert USDC to local fiat currencies. The initiative enhances USDC’s utility in e-commerce, making it a viable payment option for millions of Shopify merchants globally.

The Base network, launched in August 2023, has grown into a hub for decentralized finance (DeFi) and Web3 applications, with over $3.69 billion in total value locked as of now. Coinbase’s decision to integrate Base’s DEX functionality into its main application will enable users to access millions of on-chain assets directly, streamlining the user experience and reinforcing Base’s role as a cornerstone of Coinbase’s ecosystem. This move is expected to boost liquidity and adoption of Base-native tokens, further solidifying Coinbase’s position in the DeFi space.

Perpetual Futures and U.S. Market Expansion

In addition to the card and Base integration, Coinbase announced plans to launch CFTC-compliant perpetual futures trading in the U.S., a significant development for its institutional and retail trading offerings. Perpetual futures, popular in global crypto markets, allow traders to speculate on asset prices without an expiration date, offering high leverage and flexibility. This product will complement Coinbase’s existing derivatives platform, Coinbase Advanced, and cater to the growing demand for sophisticated trading tools in the U.S. market.

The introduction of perpetual futures comes as Coinbase continues to navigate regulatory challenges in the U.S. The exchange has been proactive in engaging with regulators, including the Commodity Futures Trading Commission (CFTC), to expand its offerings while ensuring compliance. The move is likely to attract advanced traders seeking exposure to crypto markets, further diversifying Coinbase’s revenue streams.

Market Implications and Looking Ahead

The Coinbase One Card and related initiatives reflect a broader trend of crypto platforms seeking to bridge digital assets with real-world use cases. By offering Bitcoin rewards, Coinbase taps into the growing mainstream acceptance of BTC as a store of value and payment method. The partnership with American Express, a globally recognized financial brand, lends credibility to the initiative and may attract users unfamiliar with crypto. Meanwhile, the Shopify integration underscores the increasing adoption of stablecoins like USDC for practical applications, reducing reliance on volatile cryptocurrencies for payments.

Despite social media support for Coinbase’s series of initiatives, macroeconomic factors led to a 3.84% decline in Coinbase’s stock during trading on June 12. As of the time of publication, its share price continued to fall by 2.12% after market close.

As Coinbase rolls out these initiatives, its ability to balance innovation with regulatory compliance will be critical. The crypto industry will be watching closely to see how these developments influence adoption and whether competitors follow suit with similar consumer-focused products.