Prominent crypto exchange Coinbase is now a principal member of card issuing company Visa.
According to an announcement made via a blog post by Coinbase on Wednesday, February 19, 2020. This membership will take spending cryptocurrency on Coinbase to a whole new level. Radically improving customer experience on the exchange. It is important to note that Coinbase is the first every purely crypto platform to become a Visa principal member.
For the uninformed, principal members of Visa are firms endorsed by the card-issuing company to give out a type of payment card. This inclusion means that Coinbase can issue credit cards to other crypto companies. We are however not yet sure if the exchange will be wielding that authority yet.
Speaking on the approval, Coinbase disclosed that the membership will open up its users to more amazing features. Also adding that, “membership will enable us to offer more features for Coinbase Card customers; from additional services to support in more markets”. Also helping the exchange provide its users with efficient crypto payment experience.
Coinbase further disclosed that it was delighted to be the first company to receive a “Visa principal membership”.
This is great news for the entire crypto space as Visa is currently the world’s no 1 payment processor. With millions of users all over the globe. This membership inclusion is also a pointer to the fact that the crypto space is steadily gaining global awareness and adoption.
Visa and Coinbase
Cryptocurrency exchange and a credit card issuing firm – very unlikely partners. Yet Coinbase and Visa have come a long way. Their partnership began in 2019, with the debut of the Coinbase card in the United Kingdom. The card was designed to improve users’ access to their funds. About Nine months later, the cards were available in millions of merchant locations in 29 markets. Currently, users also have access to 10 different cryptocurrencies while using the card.
The card can also be used for a variety of functions. From paying for vacation trips to something as simple as paying for bus fare. The cards have opened cryptocurrencies to several real-life use cases. Showcasing the crypto as a real utility. With its users majorly in the UK, Italy, Spain, France, Netherlands, Germany and Ireland.
Last November, Bitsa Young also designed a special credit card for teenagers.