Coinbase Becomes the First Crypto Firm to Be Awarded Visa Principal Membership
Nicholas Otieno Feb 20, 2020 06:30
Coinbase has just announced to have been approved as Visa principal member. The partnership will make it easier for consumers to spend their cryptocurrencies around the world leveraging Visa's global network.
The Coinbase cryptocurrency exchange is now a principal member of the credit card giant Visa. This will allow the San-Francisco based crypto exchange firm to issue debit cards without the reliance on third parties.
By becoming a Visa principal member, the crypto firm will be able to offer additional services. Principal members of Visa are financial institutions, which are authorized to act as “issuing bank,” implying they can provide transaction processing services and issue cards. Coinbase is the first cryptocurrency firm that has reached such a level of certification.
This is not the first time Coinbase is dealing with Visa. The two firms have been working together since 2019 when the crypto exchange company introduced its Coinbase card (“a visa debit card, funded by your balance”) in the UK. But now the membership will make it possible to bring the visa debit card and additional services accessible to more markets around the world. Just nine months after the launch of Coinbase card in the UK, the debit card has spread to 29 European countries.
The debit card now enables users to spend 10 different cryptocurrencies as cash everywhere Visa is accepted. The debit card has been made available to consumers residing in 29 European countries to spend multiple cryptocurrencies.
The debit card functions with any Visa-compatible payment terminals and ATMs. Customers can decide on the app that they want to use the visa card for various transactions.
Talking about the Visa approval, Coinbase commented: “We are excited to be the first company within the cryptocurrency industry to be awarded Visa principal membership. Such membership will allow us to provide more features for Coinbase card customers, offer additional services, and support more markets. All these are components that will assist us in evolving and enriching the crypto payment experience.” Coinbase revealed that the approval is part of its ongoing mission of mainstreaming cryptocurrency adoption.
Coinbase Also First Custodian to Pass Two Major Security Evaluations
As reported by Blockchain.News, Feb. 12, Coinbase Custody announced it had been awarded both Service Organization Control (SOC) 1 Type 2 and SOC 2 Type 2 reports by accounting firm Grant Thornton.
Coinbase Coinbase Custody has become the first cryptocurrency custodian to pass two new security evaluations.
For Coinbase Custody clients, these reports reinforce that the system requirements, service commitments, and data protection safeguards of the custodian meet the rigorous standards necessary to provide the safest custody solution in the crypto ecosystem.
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