Coinbase becomes first crypto platform to receive Visa principal member status
Cryptocurrency platform Coinbase has become the first crypto company to become a principal member of Visa.
The new status will allow Coinbase to issue Visa payment cards as well as provide direct settlements.
The San-Francisco headquartered platform brokers exchanges of digital currencies including bitcoin, ethereum and litecoin. It is licensed to provide flat currency-related services across 23 EU countries.
“Visa membership will enable us to further improve the customer experience, making it easier to send cryptocurrency in everyday situations,” the company said in a statement.
Coinbase launched its Coinbase Card in the UK in partnership with Visa last year, which allows customers to spend their digital currency in stores and online.
When customers use the card, Coinbase converts the cryptocurrency into pounds, and receipts are recorded within an app.
Sign up to City PM’s Midday Update newsletter, delivered to your inbox every lunchtime
The launch marked a shift away from existing crypto payment cards that require customers to pre-load funds before they can be used.
The company added: “Today’s announcement is another significant milestone in the mainstream adoption of crypto as a genuine utility.”
Last month the crypto exchange announced it was expanding its institutional crypto asset storage service internationally, establishing an office in Ireland.
Coinbase’s UK chief executive Zeeshan Feroz said: “We’re very proud to be the first company in the crypto space to receive Visa principal membership. It underlines our position as the most trusted provider in the ecosystem – one of the foundations on which we’ve built our business.”
“As we move towards a more open financial system we are looking to accelerate financial evolution and working with companies like Visa will be key as we move along the journey.”