The intersection of cryptocurrency enthusiasm and consumer credit has produced yet another offspring: Coinbase’s forthcoming One Card, scheduled to debut in fall 2025 with the ambitious promise of delivering up to 4% Bitcoin back on every purchase.
Issued by First Electronic Bank and operating on the American Express network, this metal-carved symbol to bitcoin’s genesis block represents Coinbase’s latest attempt to mainstream digital assets through the decidedly traditional medium of consumer spending.
The rewards structure follows a predictable yet intriguing tiered approach, beginning at 2% Bitcoin back and escalating to the headline-grabbing 4% based on assets held with Coinbase—a clever retention mechanism disguised as generosity. Notably, any asset type including USDC or USD qualifies for the higher rewards rates, broadening the appeal beyond pure cryptocurrency holdings.
Cardholders must maintain Coinbase One membership ($4.99 monthly or $49.99 annually), which includes zero trading fees up to $500 monthly and 4.5% APY on the first $10,000 in Coinbase assets. The membership component reflects Coinbase’s strategy to create recurring revenue streams beyond traditional exchange fees.
The absence of annual fees and foreign transaction costs sweetens the proposition, though one wonders if such largesse reflects confidence or desperation in a recovering market. For comparison, Coinbase’s standard platform operates on a maker-taker model where takers pay fees ranging from 0.05% to 0.60% on trades.
American Express’s involvement brings established payment infrastructure and purchase protections, while fintech firm Cardless handles delivery logistics—a partnership that suggests Coinbase recognizes the complexity of entering traditional finance territory.
The timing proves particularly interesting, coinciding with Crypto.com’s renewed public applications for its own crypto credit card, signaling broader industry confidence in the segment’s revival following 2022’s crypto winter.
This launch represents more than product expansion; it embodies Coinbase’s strategic pivot toward full financial services integration.
By connecting cryptocurrency rewards with everyday purchases, the company attempts to bridge the persistent gap between digital asset enthusiasm and practical utility.
The exclusive U.S. availability and waitlist approach (opened June 2025) create artificial scarcity while testing market appetite.
Whether consumers will embrace another crypto rewards vehicle remains uncertain, particularly given the sector’s recent volatility.
Yet Coinbase’s exchange prominence and American Express’s credibility provide substantial competitive advantages in a market where trust remains paramount.
The One Card ultimately represents a calculated bet that cryptocurrency’s mainstream adoption requires not revolutionary disruption, but rather seamless integration with familiar financial behaviors.
