Coinbase becomes first crypto company to receive Visa principal membership

Digital currency exchange Coinbase has announced that it has become the first crypto company to be approved as a Visa principal member.

The exchange launched a Visa debit card, called Coinbase Card, in the UK last year, which was later expanded to customers in 29 markets. Coinbase Card allows customers to spend their crypto as easily as the money in their bank account.

In a blog post, the company said that the membership will enable it to further enhance the customer experience, making it easier to spend cryptocurrency in everyday situations.

“Following the success of Coinbase Card, we are proud to be the first company in the crypto ecosystem to be granted Visa principal membership,” the blog read. “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.”

The exchange considered Visa’s membership “another significant milestone in the mainstream adoption of crypto as a genuine utility.”

Meanwhile, Visa is among the leading global institutions that supported cross-border payments platform Currencycloud to raise $80 million to “fuel the next phase of its growth story.” The other institutions that invested in the platform include International Finance Corporation, BNP Paribas, SBI Group and Siam Commercial Bank. Visa had partnered with Currencycloud last year to drive further innovation cross-border and travel payments.

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