Coinbase becomes a Visa principal member -- cryptocurrency debit cards and services to spread to more markets
Cryptocurrency exchange Coinbase has been made a Visa principal member, making it "the first pure-play cryptocurrency company" to receive such accreditation. The membership was awarded back in December, but the news has only just been made public.
This is not the first time Coinbase has had dealings with Visa. The two companies worked together last year to launch the Coinbase Card ("a Visa debit card, funded by your Coinbase balance") in the UK, but now it will be possible to bring the debit card and additional services to more markets around the world.
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Just nine months after the UK launch of Coinbase Card, the debit card has spread to a total of 29 markets. It now enables customers to spend 10 different cryptocurrencies around the world, and until now Coinbase has been heavily reliant on Paysafe to provide its services. Becoming a Visa principal member will make it possible for the exchange to take things even further, including being able to issue debit cards to other crypto companies as it will be less dependent on Paysafe.
In a post about the news, the company says:
Following the success of Coinbase Card, we are proud to be the first company in the crypto ecosystem to be granted Visa principal membership. This membership will enable us to offer more features for Coinbase Card customers; from additional services to support in more markets -- all elements that will help to evolve and enrich the cryptocurrency payment experience.
Coinbase says that the announcement marks a "significant milestone in the mainstream adoption of crypto as a genuine utility".