Coinbase Becomes First Crypto Company to Get VISA Principal Membership
In an extremely exciting update for the entire industry, the leading crypto exchange has become the first crypto company to be granted a VISA principal membership. This will help the company to provide more features to the Coinbase Card users in the UK and Europe. The announcement came on Wednesday evening via a tweet, in which the company added that this will make it easier to spend crypto in daily life.
Today Coinbase became the first crypto company to be granted #Visa principal membership. This will enable us to offer more features for #CoinbaseCard users in the UK and Europe; from additional services to more supported markets – all making it easier to spend crypto everyday.
— Coinbase (@coinbase) February 19, 2020
In an official blogpost on the website, Coinbase said that the VISA membership will allow it to offer a better customer experience. This is arguably the biggest move in the direction of making crypto payments by the company since launching the Coinbase Card, based on VISA’s gateway. As of date, the Coinbase Card is functional in 29 markets throughout Europe, where users can make payments in 10 different cryptocurrencies, at millions of POS merchant locations.
The best thing about the Coinbase Card is that it is being genuinely utilized in mature economies like the UK, France, Spain, and Italy. In the blogpost, the company further added,
“Following the success of Coinbase Card, we are proud to be the first company in the crypto ecosystem to be granted Visa principal membership. This 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 has been looking forward to expand its foothold in the crypto payments segment since the decentralized payments have been growing phenomenally in the past couple of years. For instance, VISA partnered with London based crypto-fiat transfer platform Wirex to launch the Wirex VISA Travelcard, in a bid to shake-up the $800 billion payments industry in the APAC region.