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I find it beyond fascinating that it's a Visa debit card. I'm sure they went with Visa to ensure it was accepted by default at most (nearly all?) merchants, but
by 29083011397778 6y ago
I find it beyond fascinating that it's a Visa debit card. I'm sure they went with Visa to ensure it was accepted by default at most (nearly all?) merchants, but the legal trade-offs and concessions Coinbase had to make to appease Visa will be interesting to read through.
- BitwiseFool 6y agoMy guess is that when a transaction is made Coinbase sells the appropriate amount of your crypto at market-rate plus a small fee and then the cash goes through Visa's payment network. So on Visa's end this is probably just a normal debit card and they don't have to directly handle any crypto.
- wmf 6y agoCoinbase made all those concessions years ago; they're basically as "evil" as a bank.
- ska 6y agoWhat legal trade-offs? I imagine Visa is willing to offer similar terms to what they give everyone else. As long as they make their per transaction profit, what else would they be concerned about (other than guaranteeing Coinbase pays them, but that's just contracts too).