Coinbase will start issuing its own debit cards that will be accepted around the world. The American cryptocurrency exchange giant has joined the list of Visa partners and thus became “the first pure-play cryptocurrency company” to be granted Visa principal membership, the announcement reads.
The new Coinbase Card will allow customers in the European Union or European Community to spend a line-up of cryptocurrencies, including bitcoin, bitcoin cash, ethereum, litecoin, and XRP. While the card itself can be used globally, it cannot be ordered by people residing outside of the supported countries.
One more important advantage of Principal Member status is that Coinbase gets the right to issue debit cards to other companies, including other cryptocurrency companies, which may become an additional source of income.
The company’s collaboration with Visa began in 2019 when they launched a Visa Coinbase Card in the UK that allowed customers to spend crypto as easily as the money in their bank account. Before that, in 2015, Coinbase supported the Shift crypto card, which drew funds from the user’s exchange balance. Now, nine months later, Coinbase Card is available to customers who can spend 10 cryptocurrencies in 29 European markets.
The new 2020 card is supported by Paysafe Financial Services Ltd., the company behind such products as Skrill and PaysafeCard. It was not revealed when or how the transition to Coinbase-issued cards will take place.
Coinbase UK CEO Zeeshan Feroz said in an interview with Forbes that cryptocurrency assets were not liquid before, and had to be converted, and payments were not instant. Now, tokens can be spent in real time to pay for goods and services, regardless of whether the seller accepts cryptocurrency.
Coinbase aims to continue developing its relationship with Visa via introducing additional services and supporting more markets, and launching other initiatives that make interacting with crypto as seamless as possible for their customers.
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