Coinbase partners with Visa to enable crypto users to pay anywhere Visa payments are allowed. Announced in a blog post by coinbase, the company made the claim that ‘Coinbase becomes the first pure-play cryptocurrency company to receive Visa membership.’
Liquidity has always been a problem for crypto users because it was a tedious process to convert crypto into dollars or other fiat currencies and then transfer it to your account and then use it in a supermarket. Now, with mainstream support from Visa, you can swipe with coinbase’s debit card and pay for groceries with cryptocurrencies directly. This brings cryptocurrencies closer to mainstream acceptance and use. Many in the community believe that other payment gateways like MasterCard may get on board with this as a means to get in on the crypto market.
Coinbase has been working with Visa since 2019 when it launched its Coinbase Card in the UK. The debit card allows users to spend cryptocurrency as cash anywhere Visa is accepted. The card has since been made available in 29 markets with 10 cryptocurrencies supported.
Principal members of Visa are financial institutions authorized to issue some types of payment cards. In theory, Coinbase could issue cards to other crypto companies, though it’s not clear if it plans to use that power immediately.
Discussing the Visa approval, Coinbase said that “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.”
From the blog post
Today we’re announcing that Coinbase has become the first pure-play crypto company to be approved as a Visa principal member. Visa membership will enable us to further improve the customer experience, making it easier to spend cryptocurrency in everyday situations.
Our journey with Visa began in 2019 with the launch of Coinbase Card in the UK, a Visa debit card that allows customers to spend their crypto as easily as the money in their bank account. Nine months later, Coinbase Card is available to customers in 29 markets who are able to spend 10 cryptocurrencies in millions of merchant locations.
From funding holidays abroad to trips on public transport, Coinbase Card customers are making their crypto work for them in everyday situations. Over half of customers who’ve signed up to Coinbase Card use it regularly, with its usage peaking in the UK, followed closely by Italy, Spain, and France.
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.
Today’s announcement is another significant milestone in the mainstream adoption of crypto as a genuine utility. We will continue to build on this relationship with further initiatives which make interacting with crypto as seamless as possible for our customers.