Coinbase Has Become a Principal Member of Visa

The American cryptocurrency exchange Coinbase has received the status of “Principal Member” of the international payment system Visa.

Coinbase Has Become a Principal Member of Visa

According to Forbes, the new status was granted by Coinbase back in December, but the company officially announced it yesterday. Coinbase stated on its blog that this status makes it “the first company in the crypto ecosystem to be granted Visa principal membership.” Principal (or full) members of Visa are financial institutions authorized to issue certain types of payment cards. Theoretically, Coinbase may issue cards for other crypto companies, although it is not yet known whether the company plans to use this opportunity in the future.

Coinbase has been working with Visa since 2019. The Coinbase debit card allows users to spend cryptocurrency anywhere Visa is accepted. Originally launched in the UK Coinbase Card is now available in 29 European countries and supports 10 cryptocurrencies. According to TechCrunch, half of the customers who ordered the card actively use it. The main consumers of the service are residents of the UK, Italy, Spain and France.

The company noted that such membership will help them offer its customers additional services and enter new markets.

Feature image credit: Coinbase