The US-based cryptocurrency exchange Coinbase becomes the first crypto-related company to be approved as a principal member by Visa. This means a lot to the crypto world. Apart from setting the trend, there is so much that is anticipated in the market.
Principal membership perks
By Coinbase being a principal member, it will be much easier to offer a great customer experience. From the official release by Coinbase, the membership will help the exchange to offer more features to Coinbase card customers. They will be able to access more services and access more markets. The cryptocurrency payment experience will achieve a new ball game.
The fact that Visa is the World’s leading payment processor means a lot to Coinbase. There is such a wide network that Visa services around the world.
Coinbase’s corporation with Visa dates back in early 2019 when Coinbase was launching the Coinbase card in the UK. The Coinbase card is a visa debit card to help crypto holders to easily spend their cash as they would their fiat money. After nine months, the card expanded to over 29 markets and cryptocurrencies have been spent in millions across different markets. The Coinbase card can support up to 10 different cryptocurrencies and users only have to decide on the wallet they want to use for upcoming transactions. Coinbase card works with any ATM or visa-compatible payment terminal.
More than 50% of users who signed up for the Coinbase card use it every day with the highest users in the UK, Italy, Spain, and France. Coinbase card is not yet available in the US market but the exchange is working on that.
From the success of the Coinbase Card, a Visa principal membership means a lot for Coinbase. Enriched cryptocurrency payment experience will equate to more users, and hence more adoption of cryptocurrencies.
The Coinbase visa card will attract conversion fees just like an exchange would. In addition to that, there will be transactional fees depending on the nature of the transaction.
According to Forbes, Coinbase was given the principal membership way back in December but dint not choose to announce it then.
The fact that Coinbase was the first to be given a principal membership by Visa does not mean that no other crypto companies are offering a visa card. Currently, BitPay, 2gether, Crypto.com, Wirex, Tenx, and Spend offer debit cards that are powered by Visa. There are also some companies such as Bitwala and Nexo that have opted to partner with Visa’s main competitor Mastercard.