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Coinbase Unveils Crypto Credit Card Partnered with American Express, Featuring Bitcoin Rewards

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Coinbase has officially introduced its latest product, the Coinbase One Card, a new crypto credit card developed in partnership with American Express. The card stands out with its sleek black metal design, engraved with the iconic Bitcoin Genesis Block—the very first block created by Bitcoin’s elusive founder, Satoshi Nakamoto, in 2009. Coinbase CEO Brian Armstrong unveiled the card in a video shared on June 13, generating excitement among crypto enthusiasts eager for new ways to earn digital assets.

The announcement came through Coinbase’s official X (formerly Twitter) account, where the company highlighted the card’s key benefit: users can earn up to four percent back in Bitcoin on every purchase. Powered by the American Express network, the Coinbase One Card is slated for release in fall 2025. This strategic partnership blends traditional finance with the growing crypto economy, providing customers with both innovative rewards and the security benefits that come with an established payment provider.

In addition to Bitcoin rewards, the card offers several other perks. Coinbase will waive trading fees on the first $500 earned in trades through the card, encouraging more crypto transactions. Holders of the USDC stablecoin can access enhanced rewards, while validators on Coinbase’s Base blockchain will benefit from increased transaction credits and staking incentives. The card also includes standard American Express benefits such as retail purchase protection, extended warranties, exclusive offers, and emergency assistance services.

However, Coinbase has clarified that not all purchases will earn Bitcoin rewards. Transactions related to gambling or betting are explicitly excluded from the rewards program. This move reflects a cautious approach to ensure responsible usage while maximizing benefits for most everyday spending. Overall, the Coinbase One Card represents a significant step in mainstreaming cryptocurrency rewards and expanding the practical use of digital assets in daily financial activities.

Coinbase Hit with Several Lawsuits Following User Data Breach: Report

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Coinbase is currently facing mounting legal challenges following a recent data breach that compromised user information. Over the weekend, at least six lawsuits were filed against the US-based cryptocurrency exchange, according to a report by CoinTelegraph. The lawsuits accuse Coinbase of failing to adequately protect user data and mishandling the breach response, which has left many users worried about increased exposure to financial fraud and identity theft.

These legal actions were initiated between May 15 and May 16, with the majority filed in courts located in New York, while at least one case has been lodged in California. Public court records reveal the increasing pressure on Coinbase from affected users seeking accountability and compensation for potential damages caused by the security lapse.

According to the lawsuits, Coinbase allegedly failed to properly train its staff and implement robust security measures, contributing to the breach. Plaintiffs argue that as one of the world’s largest crypto exchanges, Coinbase should have maintained stronger defenses to protect its customers. Additionally, the complaints highlight the company’s slow and insufficient communication about the breach, criticizing delays in disclosing details and taking meaningful action to mitigate risks.

One suit even alleges “unjust enrichment,” suggesting Coinbase benefited financially without investing enough in its cybersecurity infrastructure. While Coinbase has yet to publicly address these lawsuits directly, it confirmed last week that it is cooperating with the Securities and Exchange Commission (SEC) and law enforcement agencies to track down the attackers responsible for the breach.

WazirX Reimbursement Delayed as Singapore Court Extends Moratorium Until June 6

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WazirX’s much-anticipated reimbursement plan for users impacted by last year’s July hack has encountered a delay, following a decision by the Singapore High Court. The exchange recently concluded a customer voting process regarding its proposed restructuring scheme. With a majority of creditors reportedly supporting the plan, WazirX approached the court for final approval. However, the court has deferred the case, citing the need for additional documentation from WazirX and its parent company, Zettai.

In a public statement shared on X (formerly Twitter), WazirX addressed the delay, asserting that it remains committed to fulfilling its obligations. The exchange said it is working to implement an “effective scheme” for reimbursement. Despite the update, many users and creditors expressed frustration over the prolonged process, criticizing the lack of clarity and speed in the proceedings.

As part of the court’s latest decision, the legal moratorium protecting WazirX and Zettai from creditor lawsuits has been extended until June 6. This moratorium essentially prevents the filing of any new claims against the companies and gives them more time to complete the legal formalities surrounding the reimbursement framework.

Zettai initially applied for a moratorium in August 2024, shortly after the hack impacted WazirX users. What began as a 30-day relief request has now stretched into nearly a year of legal back-and-forth. With the June 6 hearing now critical for the next steps, all eyes are on whether the court will finally approve the exchange’s plan to compensate its affected user base.