Coinbase has announced that it is now a Visa principal member, the first crypto company to gain membership. The exchange can now offer more services to current Coinbase Card customers, as well as extend service to a larger number of countries.
Though Coinbase has not announced any concrete plans for the immediate future, its options have opened up, according to an announcement published by the crypto exchange company on Wednesday, Feb. 19.
Coinbase additionally has the power to issue cards on behalf of other firms and companies, according to a report from Forbes. However, the company reportedly does not intend to do so.
More broadly, Coinbase’s status as a principal member is a mark of recognition—it is a “significant milestone in the mainstream adoption of crypto,” it said.
Coinbase first offered its Visa-powered Coinbase Card to UK residents in April 2019.
The card converts the cryptocurrency in a customer’s exchange account to fiat currency as they spend it, eliminating the need to manually withdraw funds. It also allows users to spend their crypto at any location that accepts Visa cards, regardless of that merchant’s support for crypto.
Since its initial launch, Coinbase has added support for several additional cryptocurrencies, including XRP and BAT, to the card. It has also expanded its area of coverage to include much of Europe: 29 different countries and regions are currently eligible to use the card.
However, the card is not yet available in the United States. Last May, the exchange suggested that it would extend the card to U.S. customers, but it has said very little on the matter since then.