Coinbase, one of the most reputable and popular crypto exchanges in the United States, has become the first purely crypto company to be approved as a Visa principal member.
This means Coinbase can now directly issue Visa debit cards without any 3rd party. Further, Coinbase could theoretically issue Visa debit cards for other corporations, such as other crypto companies, although Coinbase has not yet indicated that they will do so.
This announcement follows the success of the Coinbase Card, which was launched in the United Kingdom in 2019. The Coinbase Card allows customers to spend cryptocurrency with the same ease that funds in a bank can be spent.
The Coinbase Card is available in 29 countries and facilitates 10 different cryptocurrencies. Now that Coinbase is a Visa principal member it will be able to expand and enhance the capabilities of the Coinbase Card.
Coinbase even hints that this Visa principal membership will enable the Coinbase Card to launch in more markets, although Coinbase was not specific. At this time the Coinbase Card is not available in the United States.
Overall, a purely crypto company becoming a Visa principal member is another important milestone in the crypto space’s evolution.