Visa grants principal member status to Coinbase

Written by: Ali Raza
March 11, 2020
  • US-based crypto exchange Coinbase just revealed that it became a principal member at Visa.
  • The exchange will now be able to improve customer experience further, and make it easier to use cryptos in everyday situations.
  • The move marks a major milestone for Coinbase, but also for the mainstream adoption of cryptocurrency, in general.

The largest US-based cryptocurrency exchange, Coinbase, just received a principal member status from the credit card giant, Visa. The exchange is the first crypto-related business to become Visa’s principal member, and its new status will allow it to issue the company’s payment cards, but also to start providing direct settlements.

As many likely know, Coinbase is a San Francisco-based exchange that allows its users to trade in different cryptocurrencies, such as BTC, ETH, and LTC. However, the company also expanded into Europe, which allowed it to provide fiat currency-related services in as many as 23 countries.

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In its recent statement, the company said that the new Visa membership will allow it to further improve customer experience. Sending cryptocurrencies in everyday situations is expected to become significantly easier.

Coinbase deepens its ties to Visa

Coinbase already collaborated with Visa last year, when it launched its Coinbase Card in the UK. The card allowed users to purchase goods and services online and offline with all vendors who accept Visa cards. When someone uses Coinbase Card to make a payment, Coinbase immediately converts their coins into GBP, and the user’s receipt gets recorded in their app.

The launch of the new type of crypto-supporting card allowed users to shift away from previous attempts to create a functioning card, which required users to pre-load funds before they could be used. With Coinbase’s ties to Visa now being cemented, the company added that it achieved a significant milestone in the mainstream adoption of cryptocurrencies as a genuine utility.

Coinbase also recently announced that it wants to expand its institutional digital currency storage service internationally, with a new office opening in Ireland.