Coinbase Provides Insight Into Shift Card Usage

In November last year Coinbase partnered up with Shift Payments and announced the launch of its US bitcoin debit card, allowing bitcoin to be accepted in America anywhere VISA is taken, and has recently released some information regarding its adoption and use.

Overall, since its launch, over 10,000 people have signed up for the card and over $1,000,000 worth of bitcoin has been spent using it. Perhaps unsurprisingly, the amount being spent using the cards rose each week, up to the days around Christmas where around $160,000 worth of bitcoin was spent in one week. After the Christmas period this fell to around $70-80,000 per week but is slowly growing.

Shift Payments also provided a break-down of the trends in spending that has been one using the card for both merchants and types of purchasing. The statistics show that half of the transactions are undertaken at grocery stores and restaurants (26% and 24% respectively). The next two biggest areas are 16% at ATMs and 14% at retail stores. All other areas (Service stations, Utilities, Hotel/resorts and Sporting goods) were all less than 10%.

Merchants that have been used (the most common between December 1st and January 15th) range from Amazon.com at 383 instances, down to CVSpharmacy at 127 transactions. Most popular after Amazon are McDonalds, Walmart, 7-Eleven, Safeway and Starbucks, each with over 200 uses of the bitcoin debit card.

By a long mile, the majority of transactions occur in California, which has seen 31% of the total transactions in the given timeframe. Texas and Washington are behind this with 14% and 12% but the remainder of the 32 eligible states have all fallen under 5% of the total number of transactions.

Coinbase stated that next in the pipeline is to roll out the card to states that currently do not have access to it. In addition to this, it has been said that Shift are working on developing new features to make the card more useful, although there is no news yet on specific details.