Coinbase has now become a Visa principal member, a move that will allow the crypto exchange to offer more features for its debit card.
Announcing the news on Wednesday, Coinbase said it is the "first pure-play cryptocurrency company" to receive Visa membership.
Principal members of Visa are financial institutions that are reportedly authorized to act as “issuing bank,” meaning they could issue cards and provide transaction processing services. It remains unclear how Coinbase plans to utilize the membership and what specific features it will offer. The Block has reached out to the exchange and will update this story if we hear back.
Coinbase has been working with Visa since early last year when it launched its Coinbase Card in the U.K. The debit card allows users to spend their crypto funds as cash where Visa is accepted.
“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,” per the announcement.