Visa Collaborates with Coinbase to Enable Instant Funding of Crypto Accounts for Eligible Debit Card Users
In an announcement made on Tuesday, it was revealed that Visa debit card users in the US and EU can now swiftly deposit funds into their cryptocurrency accounts on Coinbase. This partnership aims to eliminate the delay in fund availability for trading, providing a more efficient and expedited transaction process.
While the traditional financial system and the blockchain world have typically been regarded as separate entities, this integration with Visa Direct seeks to blur those lines. Visa’s technology enables near-instantaneous money movement, reducing the waiting time for funds to clear and allowing users to take advantage of market movements promptly.
Yanilsa Gonzalez Ore, Head of North America for Visa Direct, emphasized the significance of this move, stating that customers can now seize trading opportunities at any time.
Additionally, this feature allows users to purchase cryptocurrencies directly on Coinbase using their Visa debit card without the usual delay associated with these transactions. Furthermore, they can also withdraw funds from Coinbase to their bank account using the same eligible Visa debit card.
This enhancement significantly improves the user experience on Coinbase. Notably, in the US, the exchange offers a Coinbase Visa debit card, enabling the use of cryptocurrencies for everyday financial transactions wherever Visa is accepted.
In the UK, another Coinbase Visa Card is available for in-store and online payments. Recently, Avalanche also introduced a Visa card, enabling its users to conduct transactions at any merchant that accepts Visa.
Visa has collaborated with over 50 crypto entities to launch card programs, allowing users to convert their digital currencies into usable funds. With these cards, individuals can make purchases at approximately 70 million merchant outlets worldwide.
Visa’s main objective with these alliances is to make cryptocurrencies more practical for everyday use by integrating them into conventional shopping experiences.
