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February 20, 2020

Crypto exchange Coinbase receives Visa principal membership

Digital currency exchange Coinbase has become a Visa principal member, becoming the first pure crypto firm to secure the membership.

The membership enables Coinbase to issue debit cards for others, including other crypto firms.

Coinbase and Visa have been working together since last April, with the introduction of the Visa debit Coinbase Card in the UK.

Those using the card can make payments both in-store as well as online using Bitcoin, Ethereum, Litecoin, among others.

In a blog post, Coinbase said: “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.

“Today’s announcement is another significant milestone in the mainstream adoption of crypto as a genuine utility. We will continue to build on this relationship with further initiatives which make interacting with crypto as seamless as possible for our customers.”

The UK, Italy, Spain, and France are the key markets of the crypto debit card, noted the crypto exchange.

The reach of the card was eventually expanded to 29 markets.

Coinbase further stated that more than half of those owning the card use it on a regular basis.

In December last year, the Coinbase Card added support for stablecoin DAI. It is the first stablecoin supported by the card.

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