Coinbase, as a new Visa main member, is the first company in the crypto industry to achieve this membership.
According to an official announcement, the San Francisco-based crypto exchange Coinbase is the “first pure crypto company” to be approved as a principal member by credit card giant Visa. The exchange can now offer more services to current Coinbase card customers and expand its service to a larger number of countries.
This is indeed important news, as Visa is the world’s leading payment processor. The network serves millions of people worldwide and the inclusion of Coinbase as a major member seems to be “a significant milestone in the acceptance of crypto-currencies”, as Coinbase wrote in its post.
The crypto exchange first introduced a Visa card in the UK in April 2019, according to Decentralbox. The debit card allows users to issue crypto-currencies as cash wherever Visa is accepted. Since then, a total of 29 countries have enjoyed this service, with 10 crypto-currencies currently supported. However, the card is not yet available in the United States.
Visa is one of the world’s largest and best-known financial intermediaries. The company serves as an intermediary between two parties who want to do business. If they are not in the same place, the physical transaction of cash is obviously impossible. This is where Bitcoin and other cryptocurrencies come in. As they remove the middleman, it is therefore unclear whether the recent partnership between Visa and Coinbase is good for the further adoption of digital assets.