Visa and Coinbase Partner for Instant Crypto Buys
31 Oct, 2024 ● Crypto News
Visa users with eligible debit cards will soon be able to instantly deposit and withdraw funds from their accounts on Coinbase, following a new partnership between Visa and the crypto exchange.
“Coinbase already has millions of users with a debit card connected to their account,” Visa stated on October 29.
Now, customers in the United States and the European Union will receive “real-time delivery of account funds” when using an eligible Visa debit card.
This partnership allows Coinbase users with an eligible Visa debit card to buy crypto on the platform and withdraw funds to a bank account instantly, though timing may vary depending on the bank and region.
Yanilsa Gonzalez Ore, head of Visa Direct in North America, remarked that the partnership ensures “those Coinbase users with an eligible Visa debit card know that they can take advantage of trading opportunities day and night.”
This move follows a pause in crypto-related offerings from traditional finance firms, prompted by FTX’s collapse in 2022, which led to significant losses, a drop in crypto markets, and a banking crisis in early 2023.
However, the European Union’s Markets in Crypto-Assets Regulation (MiCA), which started rolling out this year, provides clearer legal guidelines for crypto asset providers like Coinbase to operate within the EU.
In the United States, major crypto companies — including Coinbase — have invested millions in the presidential and congressional elections.
Many industry observers anticipate pro-crypto regulations from the next administration or Congress, regardless of who wins on November 5.
Visa has an established relationship with Coinbase, powering its crypto debit cards that enable users to spend their crypto through Visa’s vendor network.
The payments giant also recently formed a similar partnership with FV Bank on October 28, supporting its debit cards, which can be funded with both crypto and cash.
Sources:
https://cointelegraph.com/news/visa-coinbase-partner-instant-crypto-buys-debit-cards
