In a move that has the potential to facilitate mainstream crypto adoption, leading digital exchange and fiat-to-crypto platform Coinbase announced on Feb 19, that it has become a Visa principal member. It should be the noted that Coinbase is the first company in the crypto-arena to be granted the membership with Visa – the world’s premier payment processing service.
Today’s announcement is another milestone in the mainstream adoption of crypto as a genuine utility. We will continue to build on this relationship with further initiatives which will make interacting with crypto as seamless as possible for our customers. https://t.co/2GI9mWU6in— Coinbase (@coinbase) February 19, 2020
This will allow Coinbase to improve customer experience and make it easier for “Coinbase card” users to spend cryptocurrencies in everyday situations. Coinbase press release also declared it as one step forward “in the mainstream adoption of crypto as a genuine utility”. A principal member of Visa, can directly issue debit cards. Prior to this, PaySafe used to issue these cards on Coinbase’s behalf.
Coinbase card is a debit card issued by the company, which converts cryptocurrency to fiat currency when customers make a transaction. The international card can be used anywhere that accepts Visa.
Visa is a worldwide payment processing technology and service network, operating in more than 200 countries and territories globally. It powers credit, debit and prepaid cards among other payment solutions.
Coinbase is a leading cryptocurrency exchange and fiat on ramp platform. The highly reputed service has an easy to use interface, features an internal wallet and allows users to buy crypto assets using their debit/credit card and bank account. It also allows them to convert their crypto-assets back to FIAT and withdrawal to bank or PayPal account.