Visa, a leader in digital payments, has announced a significant partnership with Coinbase, a popular US-based cryptocurrency platform, to offer faster and more secure transactions for crypto enthusiasts. The collaboration aims to provide Coinbase customers in the US and EU with real-time access to funds through Visa Direct, Visa’s payment network.
The partnership leverages Visa Direct to enable Coinbase users to deposit funds into their accounts instantly using eligible Visa debit cards. For Coinbase customers who actively trade in the fast-moving crypto market, this new feature promises added convenience and flexibility, minimizing the wait time between adding funds and making trades.
With millions of Coinbase users already using a debit card linked to their accounts, the integration with Visa Direct adds a new layer of functionality and convenience. Eligible users can now enjoy faster access to account funds, allowing them to seize trading opportunities whenever they arise. In other words , the updated Visa Direct functionality allows users to purchase cryptoassets on Coinbase directly with an eligible Visa debit card as well as cash out funds from Coinbase to a bank account in real-time.
Read also: Coinbase integrates Apple Pay to boost crypto adoption in the UK.
Reactions from Coinbase and Visa
Reacting on the development, Yanilsa Gonzalez Ore, Head of Visa Direct, North America, expressed excitement about the partnership, saying, “Providing real-time account funding using Visa Direct and an eligible Visa debit card means that those Coinbase users with an eligible Visa debit card know that they can take advantage of trading opportunities day and night.”
In essence, this development reinforces Visa’s commitment to bridging traditional finance and blockchain technology. Further, the new Visa-Coinbase integration aligns with Coinbase’s mission of expanding economic freedom through crypto.
Akash Shah, Senior Director of Product Management at Coinbase, explained, “The integration with Visa Direct gives our eligible customers real-time access to their funds for trading. By enabling them to move money seamlessly and control their finances, we are delivering the trust, security, and flexibility they expect.”
This partnership arrives as regulatory clarity for crypto is slowly emerging. In the EU, the Markets in Crypto-Assets Regulation (MiCA) has begun providing a framework for crypto services, paving the way for companies like Coinbase to operate under clearer guidelines.
Likewise, major crypto players in the US, including Coinbase, are engaging with policymakers to advocate for crypto-friendly regulations. With the 2024 US presidential and congressional elections fast-approaching, there’s growing speculation that the next administration could bring positive developments for crypto regulation, regardless of who takes office.
Visa’s ongoing role in crypto adoption
Beyond the 29 October 2024 announcement, Visa has been supporting crypto debit cards for Coinbase, enabling users to spend their crypto with a wide range of vendors. Visa has also extended similar services to FV Bank, a fintech firm offering debit cards funded with both crypto and cash.
On the whole, this partnership signifies a new chapter for digital payments, as Visa and Coinbase work together to simplify fund management for crypto users. With crypto regulation gradually taking shape, collaborations like these could help bridge the gap between conventional banking and digital finance, enhancing the accessibility of cryptocurrencies in everyday finance.
Read also: Tether (USDT) Stablecoin: Use Cases and Pros and Cons You Should Know
Credit: Ndianabasi Tom
A crypto journalist and content writer who has been talking about cryptocurrency and blockchain technology since 2018, Ndianabasi is a Writer at Crypto Asset Buyer (CAB).
