The Strategist

Visa approves Coinbase as debit cards issuer

02/20/2020 - 08:43

Coinbase, US cryptocurrency exchange, was granted the status of a full member of the system of Visa. For now, it is the only cryptocurrency company with this certification.

Jon Russell via flickr
Jon Russell via flickr
Principal Member status allows issuing debit cards. Now, customers of Coinbase may spend their cryptocurrencies anywhere.

Holders of Coinbase debit card (introduced in April 2019) can use their cards in 29 countries of Europe. Users of the application can choose which wallet to use for a particular transaction. 

There's one more advantage of Principal Member status. Now, Coinbase is eligible to issue debit cards to other firms, including other cryptocurrency companies. Coinbase is unlikely to introduce such services in the near future, but this opportunity suggests a new source of income for the firm, whose revenue fell by around 40% for 2019.

Previously, Coinsbase debit cards were dealt with by the Paysafe Group Limited. It is expected that ultimately, transaction processing fees will decrease - one link less in the payment chain. Coinbase currently charges a fee of $ 0.99 per transaction for less than a dollar.