The USA crypto-currency exchange Coinbase got the rank of a full associate of the Visa product. Right now Coinbase is the only crypto company that has managed to achieve this level of certification.
Principal Member status allows company to issue debit cards, and Coinbase customers can now spend their bitcoins, ethers and XRP wherever Visa cards are accepted.
Coinbase debit card holders will be able to pay with cryptocurrency in 29 European countries. Inside the application, clients can select which wallet to implement for future purchases. The card supports 9 different cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Augur, Litecoin, Brave, XRP, 0x and Stellar.
More important advantage of Principal Member status is that Coinbase has the right to issue debit cards to other companies, including other cryptocurrency companies. Despite the fact that Coinbase is not going to provide such services in the near future, this may become a new source of income for the company, whose revenue for 2019 fell by almost 40%.
Coinbase UK CEO Zeeshan Feroz said in an interview with Forbes that cryptocurrency assets were not liquid before, since it was necessary to convert them into an exchanger, so payments were not instant. Presently, tokens can easily be used in real-time to spend for products together with services, whether or not the retailer takes crypto coins.
Previously, Coinsbase debit cards were dealt with the Paysafe Group Limited. It is expected that ultimately, transaction processing fees will decrease – in the payment chain it will become one link less. Coinbase right now charges a $ 0.99 fee for each operation for below a dollar.
It is noteworthy that earlier the Visa team spoke negatively about cryptocurrency, calling bitcoin “a financial bubble for criminals.” The head of the payment giant Mastercard also spoke negatively about cryptocurrencies. In the autumn of 2018, the two firms made the decision to fasten the service terms for bitcoin credit cards.