Visa Partners with Coinbase for Instant Crypto Purchases Using Debit Cards
Visa Partners with Coinbase for Instant Crypto Purchases Using Debit Cards
Visa has teamed up with Coinbase in a strategic partnership that will allow customers with eligible Visa debit cards to instantly deposit, withdraw, and buy cryptocurrency on Coinbase’s platform. According to the official press release, this new feature will provide real-time fund transfers for Visa debit cardholders in both the United States and the European Union, making crypto transactions faster and more accessible.
Visa commented on the partnership in its Oct. 29 announcement, stating that “Coinbase already has millions of users with a debit card connected to their account.” The company highlighted that eligible Visa debit card users will enjoy "real-time delivery of account funds," streamlining the process of buying crypto and accessing funds on demand.
Real-Time Transactions for Crypto Users
As part of this integration, Coinbase customers can use their Visa debit cards to make instant crypto purchases, as well as cash out directly to their bank accounts in real-time. However, the speed of these transactions will vary depending on the user’s bank and location. Yanilsa Gonzalez Ore, head of Visa Direct in North America, emphasized the advantages of the partnership, noting that “Coinbase users with an eligible Visa debit card know that they can take advantage of trading opportunities day and night.”
Visa’s Head of Crypto, Cuy Sheffield, expressed excitement about the collaboration, saying, “Excited for Visa to partner with Coinbase to help them utilize Visa Direct to fund Coinbase accounts and enable real-time cash outs.”
This move comes during a cautious period for the crypto industry, which has faced skepticism from traditional finance after the high-profile collapse of FTX in 2022. This incident not only affected market confidence but also triggered a banking crisis in early 2023. Despite these challenges, regulatory advancements such as the EU’s Markets in Crypto-Assets Regulation (MiCA) are providing a more stable framework for platforms like Coinbase, facilitating legal compliance and smoother operations within the region.
In August, U.S. multinational Visa partnered with Revolut, a global financial app, to introduce instant card transfers for Revolut Business customers. This collaboration represents a major advancement in streamlining international transactions, enabling businesses to send money worldwide in real-time with ease.
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