Coinbase has become the first pure-play cryptocurrency company to receive Visa membership, according to the official press release.
Coinbase has been working with Visa since 2019 when it launched its Coinbase Card in the UK. The debit card allows users to spend cryptocurrency as cash anywhere Visa is accepted. The card has since been made available in 29 markets with 10 cryptocurrencies supported.
Users can decide in the app which wallet they want to use for upcoming transactions. This way, you can spend money in 10 cryptocurrencies. There are some conversion fees just like on Coinbase. In addition to those fees, there can be some additional fees if you withdraw a lot of money or make a purchase abroad.
Coinbase says the new relationship with Visa is a milestone in the mainstream adoption of crypto as a genuine utility.
States the firm: “This membership will enable us to continue to grow the Coinbase Card offering; from additional services to more markets that help to evolve and enrich the cryptocurrency payment experience.”