TradFi payment company Visa is championing a new partnership with Coinbase to offer instant deposit services for customers using eligible debit cards, according to an Oct. 29 statement.
Visa’s Head of Crypto, Cuy Sheffield, commented,
“Excited for Visa to partner with Coinbase to help them utilize Visa Direct to fund Coinbase accounts and enable real time cash outs.”
This integration aims to empower crypto users in the US and EU to fund their Coinbase accounts on the spot, enabling faster responses to crypto market shifts.
According to Visa, the new feature aims to streamline the funding process by cutting down traditional wait times. The firm noted that the Visa Direct network powers these instant deposits, allowing users to top up accounts or make crypto purchases almost immediately.
Additionally, Visa cardholders can cash out to their bank accounts in real time, ensuring smoother transactions for various crypto activities.
Yanilsa Gonzalez-Ore, Head of Visa Direct North America, highlighted the advantages of this feature, stating:
“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.”
The new feature complements Coinbase’s existing Visa debit card launched in October 2020. This card allows US exchange users to spend Bitcoin and other cryptocurrencies for everyday purchases or ATM withdrawals, converting crypto to cash as needed.
Visa’s expanding crypto relationship
The Coinbase partnership marks another step in Visa’s growing involvement in the digital assets industry.
Over recent years, Visa has partnered with companies like Transak, Crypto.com, Circle, and Solana to build connections between traditional finance and crypto.
In line with these efforts, Visa recently launched the Visa Tokenized Asset Platform. Introduced in October, this platform allows financial institutions to create and manage fiat-backed tokens like stablecoins.
Market observers said these moves show that Visa is making steady strides toward integrating crypto with conventional financial services. This would foster broader adoption and ensure smoother transactions within the digital asset ecosystem.