TradFi payments company Visa is pursuing a new partnership with Coinbase to provide instant deposit services to customers using eligible debit cards, according to an Oct. 29 statement.
Cuy Sheffield, Head of Cryptocurrency at Visa, commented:
“We are excited to help Visa partner with Coinbase to utilize Visa Direct to fund Coinbase accounts and enable real-time cash outs.”
This integration is intended to allow crypto users in the US and EU to fund their Coinbase accounts on the fly, allowing them to respond more quickly to changes in the crypto market.
According to Visa, this new feature aims to streamline the funding process by reducing traditional waiting times. The company noted that the Visa Direct network powers these instant deposits, allowing users to top up their accounts or purchase cryptocurrencies almost instantly.
Additionally, Visa cardholders can withdraw cash to their bank accounts in real-time, ensuring smooth transactions for various cryptocurrency transactions.
Yanilsa Gonzalez-Ore, Head of Visa Direct North America, highlighted the benefits of this feature, saying:
“Offering real-time account funding using Visa Direct and eligible Visa debit cards recognizes that Coinbase users with eligible Visa debit cards can take advantage of trading opportunities day or night. It means.”
This new feature complements Coinbase’s existing Visa debit card, which was launched in October 2020. The card allows U.S. exchange users to use Bitcoin and other cryptocurrencies for daily purchases and ATM withdrawals, and convert cryptocurrencies to cash when needed.
Expanding Visa’s virtual currency relationship
The partnership with Coinbase marks another step in Visa’s growing involvement in the digital asset industry.
In recent years, Visa has partnered with companies such as Transak, Crypto.com, Circle, and Solana to create connections between traditional finance and cryptocurrencies.
In line with these efforts, Visa recently launched the Visa Tokenized Assets Platform. Introduced in October, the platform allows financial institutions to create and manage fiat-backed tokens like stablecoins.
Market players said the move shows Visa is making steady progress toward integrating cryptocurrencies and traditional financial services. This will facilitate broader adoption and ensure smoother transactions within the digital asset ecosystem.
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