- Coinbase will become the “first pure-play” crypto firm to be approved by Visa for principal membership.
- Financial institutions that are Visa principal members are authorized to issue payment cards.
In a recent blog, Coinbase has announced that it has been made a Visa principal member. In the process, it became the “first pure-play crypto company” to be approved by the credit card firm. Being a principal member, Coinbase should now be theoretically able to issue various payment cards. Regarding the membership, Coinbase said:
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.
Visa and Coinbase first worked together back in 2019 when the financial services giants introduced the “Coinbase card” in the United Kingdom. The card could be used in any Visa-compliant ATM or payment terminal, supports ten cryptocurrencies and was made available in 29 markets.
Cuy Sheffield, Head of Crypto at Visa, tweeted:
We are excited to deepen our partnership with Coinbase and continue making it easier for consumers to spend their crypto at Visa’s 55M merchants.
Hailey Lennon, Associate General Counsel of Regulatory Affairs at Coinbase, chimed in saying:
Big news!!
@Coinbase has become the first crypto company to be approved as a Visa principal member, making it easier to spend cryptocurrency in everyday situations
Visa Grants Coinbase Power To Issue Bitcoin Debit Cards
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