KEY FACT: Visa and Coinbase have formed a partnership to enable users in the U.S. and EU to instantly purchase, deposit, and withdraw cryptocurrencies using eligible Visa debit cards. This feature offers immediate access to funds and improved flexibility for crypto transactions. Visa users with eligible debit cards can now buy crypto or cash out to their bank accounts, with real-time fund delivery depending on bank compatibility and region. This partnership signifies a positive shift in the financial industry's integration with crypto, following regulatory developments and ongoing crypto market recovery.
Source: Coinbase, Visa
Visa and Coinbase Partner for Instant Crypto Buys with Debit Cards
Visa, a world leader in digital payments, and Coinbase have launched a strategic partnership that will enable users in the U.S. and parts of the EU to instantly buy, deposit, and withdraw cryptocurrency using eligible Visa debit cards. This development will allow for real-time transactions, where users can now seamlessly cash out crypto funds to their bank accounts or conduct purchases without delay. The development was announced by Visa through a blog post on October 29.
Visa (NYSE: V), a world leader in digital payments, today announced a partnership with Coinbase, a trusted place to buy, sell, and manage crypto. This partnership adds convenience and new services for Coinbase customers across the US and EU, including real-time, reliable, and secure money movement. By integrating with the Visa Direct network, Coinbase customers will be able to deposit funds into their Coinbase account in real-time 1 using eligible Visa debit cards. - Source
Visa acknowledges Coinbase's millions of users with a debit card connected to their account and states how their partnership will help unlock real-time delivery of account funds for those users. This will allow customers to quickly add funds to their crypto wallet on Coinbase, offering them more flexibility to take advantage of trading opportunities, which can be critical in a dynamic crypto environment. This innovation answers the growing quest for seamless, instant financial services across both the traditional and digital currency sectors.
Visa, through its payment product "Visa Direct" delivers quick and secure money movement and further helps to bridge the gap between traditional finance and blockchain technologies. As a result of the functionality delivered by Visa Direct, Coinbase customers can now (1) transfer funds into their Coinbase account in real-time using an eligible Visa debit card (2) purchase crypto on Coinbase directly with an eligible Visa debit card (3) cash out funds from Coinbase to a bank account, via an eligible Visa debit card, in real-time.
This is expected to minimize waiting periods for fund availability. Hence, Visa’s connection with the crypto world, through this partnership with Coinbase, is a progressive step toward integrating digital currencies with mainstream financial systems, as it builds upon evolving regulations and growing market demand for accessibility.
The collaboration is a positive one for the cryptocurrency industry, as it marks Visa’s deeper involvement in digital finance solutions. With this, bridging the gap between traditional financial services and the crypto economy is getting more real and more achievable. The service will benefit various user types, including regular investors, and frequent traders who seek flexibility in managing their crypto assets.
Yanilsa Gonzalez Ore, Head of Visa Direct, North America for Visa, speaking on the partnership expressed excitement and optimism in improved service to customers. He added:
"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.”
On his part, Senior Director of Product Management at Coinbase, Akash Shah, applauded the partnership noting its support to the mission of Coinbase towards increasing economic freedom in the world. He added:
"The integration with Visa Direct gives our eligible customers real-time 1 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."
The Coinbase and Visa’s partnership could inspire similar initiatives from other major financial entities, to further propell the digital economy toward mainstream acceptance and accessibility.
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