Coinbase Approved as Visa Principal Member

_{Image by Okan Caliskan from Pixabay Modified by me Using GIMP Photo Editor}

Coinbase announced on its blog this Wednesday that their cryptocurrency services are the first to be approved by Visa as a Principal Member.

Coinbase has been working with Visa since 2019 when they launched their Coinbase Card in the UK. This 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.

What does it mean to become a principle member of the finance giant?

Principal members of Visa are institutions that are authorized to issue payment cards, along with other financial services. In theory, Coinbase could issue cards to other crypto companies, further driving the march toward mass adoption. Coinbase could also offer their debit card in more markets in the future, and the new status could open up many more possibilities.

In an interview, Coinbase said:

"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."

I honestly rate this news as more bullish than it may seem at first glance at the markets. We don't see the massive bitcoin price moves on news that we did during the 2017 bull run, which shows that this market and tech space is maturing.

Furthermore, this news show an unprecedented level of acceptance from one of the worlds major financial institutions in the payment processing space - possibly paving the way for an ETF approval at some point this year!

That would be huge news for blockchain technology, and coupled with the BTC halvening, could herald the way to new all time highs.

Hold on to your boots baby... we're going to moon!?