Crypto Milestone: Coinbase Will Power World’s First Bitcoin, Ether, XRP Visa Debit Cards
Coinbase, a leading crypto exchange based in San Francisco, has been granted the rights to become a Visa principal member. This means that Coinbase will have the bragging rights of powering the first cryptocurrency Visa debit cards for everyday use.
This integration enables Coinbase to enhance customer experience by making it easier to use cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), and Ripple (XRP), among others for daily situations.
The collaboration between Coinbase and Visa dates back to 2019 as the Visa debit card funded using a user’s Coinbase account balance dubbed Coinbase Card kicked off in the UK. The card enables users to select which crypto to use when making payments as one can easily switch between cryptocurrencies, such as ETH and BTC in seconds.
The Coinbase team says,
“From funding holidays abroad to trips on public transport, Coinbase Card customers are making their crypto work for them in everyday situations. Over half of customers who’ve signed up to Coinbase Card use it regularly, with its usage peaking in the UK, followed closely by Italy, Spain, and France.”
The Coinbase Card has been a success in the UK. This achievement has, therefore, been instrumental in granting Coinbase the Visa principal membership as the card will have the chance to spread its wings to other countries. Some of the advancements to be incorporated into the card entail permitting an automated conversion of crypto into any currency accepted by merchants spread across 29 countries, such as Sweden, the Netherlands, Germany, and Portugal, among others. Nevertheless, it will not be available to U.S. residents.
According to Statista,
“In the first quarter of 2019, there were 581 million VISA debit cards in circulation in the U.S. and 1.67 billion VISA debit cards in circulation worldwide.”
Coinbase seeks to leverage on this huge number of Visa debit cards in circulation to enhance crypto adoption by permitting cryptocurrency payments among users.