Tuesday, July 14, 2020

Visa Supports Coinbase; Crypto Payments Now Acceptable

If you’re looking to purchase a cup of coffee in a coffee shop or convenience store, just tap your Coinbase Card to the scanner and buy it using cryptocurrencies. That is how San Francisco-based cryptocurrency exchange Coinbase is now operating as a credit card giant Visa has now accepted their membership card. 

Transfer crypto payments using Visa card

On Wednesday, Feb. 19, Coinbase has officially announced that they will be the very “first pure-play crypto company to be approved as a Visa principal member.”

In the announcement, Coinbase Card– which was first launched in the United Kingdom last year– can now be used by its owners as a Visa debit card to buy any products on any Visa-approved stores. Currently, it is available to 29 various markets and can support ten different cryptocurrencies. 

“This membership will enable us to offer more features for Coinbase Card customers, from additional services to support in more markets — all elements that will help to evolve and enrich the cryptocurrency payment experience,” said Coinbase on their blog. 

The usage peaking of the Coinbase Card is in the UK, followed closely by Italy, Spain, and France. 

What does it mean for you?

We know how hard it can be for crypto users to be able to spend their virtual currencies to buy necessities daily. Whether you’ll be needing to transfer your cryptos– which will take a long time– or look for stores accepting cryptos, spending your cryptos like real money can be a massive pain for consumers.

Now that Coinbase is now offering a Visa debit card-like Card, crypto customers can now buy products on a local shop as long as the store accepts Visa cards– just like a regular money in the bank! 

“Your Bitcoin holdings have never been liquid because you have to sell them, you have to go through a process, withdraw the money, and then spend it. It’s never been an instant, “Oh, I’ll buy this cup of coffee with bitcoin,” says Zeeshan Feroz, CEO of Coinbase UK, which received the membership. “What the card is trying to change is the mindset that crypto is tucked away, takes two days to access, and can actually now be spent in real-time.” 

Coinbase seemed to just create a massive step towards the broad adoption of crypto with its new partnership with Visa. According to a survey, there are over 700 million users of this credit card.

Just imagine its effect once they’ve got to use crypto on their hands. Exciting, isn’t it?

 

 

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