Visa has partnered with Coinbase, a leading platform for buying, selling, and managing cryptocurrency, to enable faster and more convenient transfers for its users in the US and EU.
This new service will allow Coinbase customers with an eligible Visa debit card to instantly add funds to their accounts. With millions of users already linking debit cards to their Coinbase accounts, this feature offers those using Visa cards the ability to quickly load money and take advantage of trading opportunities as they arise—an essential benefit in the fast-paced cryptocurrency world.
Visa Direct, the technology behind this integration, is known for providing quick and secure transfers. By joining forces with Coinbase, Visa aims to bridge traditional finance with blockchain by minimizing wait times and improving access to funds.
Yanilsa Gonzalez Ore, Head of Visa Direct in North America, expressed enthusiasm about the partnership, noting that it would meet the needs of Coinbase users looking for quick, reliable access to their funds.
Akash Shah, a senior director at Coinbase, echoed this excitement, explaining that the partnership aligns with Coinbase’s goal of promoting financial freedom. By allowing real-time access to funds, Visa Direct gives Coinbase customers more control, security, and flexibility over their finances.
With this new functionality, Coinbase users can now add funds to their accounts instantly with a Visa debit card, buy crypto directly, and cash out to a bank account in real-time, all using eligible Visa debit cards.
Bridging crypto and traditional payment
Visa and Coinbase have both been heavily involved in expanding crypto offerings and building bridges between the traditional finance world and the digital economy. Visa has partnered with various crypto platforms and exchanges to issue Visa-branded crypto debit cards.
These cards allow users to spend their crypto balances at millions of merchants worldwide, who can receive payments in traditional currencies. Through partnerships with platforms like Crypto.com and BlockFi, Visa is aiming to make crypto spending as accessible as using a regular debit card.
Visa has also been involved in supporting stablecoins, especially USD Coin (USDC). Through this, Visa provides a familiar way for crypto and traditional finance to intersect.
It is exploring other blockchain-based solutions to enhance cross-border payments, considering the potential speed and cost efficiency of blockchain over current financial systems.
Recently, Visa also launched a pilot program allowing payments on the Ethereum blockchain, showing the company’s interest in direct blockchain integration. This venture is part of its larger strategy to incorporate blockchain technology into its infrastructure, which could transform traditional payment methods and make crypto transactions as seamless as mainstream ones.
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Coinbase has been equally active in expanding the adoption of cryptocurrency. It was the first major crypto company to go public, listing on the Nasdaq in 2021, a move that brought significant visibility to the industry.
Beyond its role as a platform for trading and storing crypto, Coinbase offers a wide array of financial services aimed at individuals and institutions.
One of Coinbase’s major recent moves is its Coinbase Wallet, a standalone app that lets users manage their crypto assets, interact with decentralized applications (dApps), and store non-fungible tokens (NFTs).
This initiative reflects Coinbase’s commitment to expanding the Web3 ecosystem, allowing people to engage directly with blockchain technology without needing a centralized exchange.
Coinbase has also developed Coinbase Cloud, a platform that provides infrastructure tools for developers looking to build blockchain-based applications. Through Coinbase Cloud, developers can access services like staking, secure storage, and data analytics, helping them create decentralized apps (dApps) more easily.
