Coinbase Could Be the First of Many!
Crypto exchange Coinbase announced on its blog this week that it has been approved as a Visa principal member, making it the first company within the cryptocurrency sector to achieve the status.
Being an approved principal member of Visa grants Coinbase the ability to issue cards to other cryptocurrency exchanges and transactional processing services.
“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, Visa Announcement
The approval by Visa follows a year of collaboration with Coinbase, including the rollout of the Coinbase card in the U.K. enabling users to spend cryptocurrencies in any retailer accepting Visa debit cards. This has since expanded to 29 markets, with a wide selection of popular digital assets supported.
This could create an adoption knock-on effect for streamlining how users can send and receive their cryptocurrencies and create utility-driven use cases for any coin or token running on a blockchain. Mastercard also has a similar framework in place.
Crypto-Card Clean-Up Before the Big Unveiling!
Other platforms such as BitPay, Wirex, and others have also introduced debit cards that can be used to bridge cryptocurrencies with real-world usage.
Two years ago, Visa implemented a shocking clampdown on cryptocurrency projects in Europe that were issuing debit cards through WaveCrest. The reason given was due to non-compliance, and this opened the opportunity for Wirex and Coinbase to move in with approved digital asset card services.
Coinbase’s rapid growth with international custodial services and newly-approved status put it front and center of the cryptocurrency sector!
This post is for educational purposes. All information used is referenced accordingly. This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.
