“Today we’re announcing that Coinbase has become the first pure-play crypto company to be approved as a Visa principal member,” reads a statement from Coinbase’s official blog.
According to the cryptocurrency company, the partnership will make it easier for customers to spend their cryptocurrency in the real world just as they would do for traditional currency. The partnership makes Coinbase “the first pure-play cryptocurrency company to receive Visa membership,” says the company.
Coinbase began working closely with Visa in 2019 when the former released a Coinbase Debit Card in the UK. Through the card, Coinbase customers in the UK were able to spend their crypto as cash in their bank account anywhere Visa is accepted. Since then, the company has expanded its Visa Debit card in 29 markets, with support for 10 cryptocurrencies.
The company says card usage has been on the rise in the UK, Italy, Spain, and France. The Visa Principal membership will enable the company to offer additional features for Coinbase Card members and help expand it’s reach to more markets.
The company’s latest move moves them close to their vision of pushing cryptocurrency as a genuine utility in the mainstream.
“We will continue to build on this relationship with further initiatives which make interacting with crypto as seamless as possible for our customers,” said the company.