Coinbase is launching a new Bitcoin-focused rewards card that emphasizes Bitcoin's core principles of decentralization, financial sovereignty, and resistance to censorship, setting it apart from competitors like Gemini, which offer broader cryptocurrency options.

The card is designed to attract Bitcoin enthusiasts who align with its ethos, reinforcing Coinbase's positioning as a platform for those committed to Bitcoin's ideals.

Unlike other crypto rewards cards, Coinbase's card highlights Bitcoin's philosophy and symbolism, including references to Bitcoin's Genesis Block and the blockchain term 'coinbase transaction,' emphasizing Bitcoin's foundational role in digital currency.

The card features a design inspired by Bitcoin's Genesis Block, incorporating hexadecimal code and a message referencing the 2008 financial crisis, symbolizing Bitcoin's origins and its critique of traditional banking.

Bitcoin cashback rewards earned through the card are not reported on 1099 tax forms unless sold later, with tax implications depending on the sale value, making it important for users to understand their tax responsibilities.

Reward rates are linked to the amount of crypto assets held on Coinbase, incentivizing users to deepen their engagement with the platform.

Coinbase is also launching an American Express credit card exclusively for Coinbase One subscribers, offering up to 4% cashback in Bitcoin on purchases, with no foreign transaction fees.

The Coinbase Amex card allows balances to be repaid via bank transfer or crypto assets, providing flexibility, and will be available to US Coinbase One subscribers.

Additional benefits include access to American Express perks such as exclusive offers and events, aiming to attract both Bitcoin enthusiasts and a broader consumer base.