Visa and Coinbase partner to allow users buy crypto using debit cards
On Tuesday, Visa announced that the company has partnered with Coinbase.
The statement said Coinbase integrated with the Visa Direct network to enable its customers to make instant deposits into their Coinbase accounts using eligible Visa debit cards.
Excited for Visa to partner with @coinbase to help them utilize Visa Direct to fund Coinbase accounts and enable real time cash outs https://t.co/aA9l6ZvwHm
— Cuy Sheffield (@cuysheffield) October 30, 2024
Coinbase allows users to buy crypto with eligible Visa debit cards
Coinbase customers in the United States and European Union will benefit from this partnership's added convenience and new services, which include safe, dependable, and real-time money transfers, the post added.
Millions of Coinbase users already have a debit card linked to their account; this partnership between both companies provides users with a new feature that will enable real-time delivery of account funds to those who have an eligible Visa debit card. Customers will have more flexibility to take advantage of trading opportunities and be able to add funds to their accounts faster.
Head of Visa Direct, North America, Yanilsa Gonzalez Ore, said, "We are excited to be partnering with Coinbase to help service their customers’ money movement needs."
In addition to providing fast and secure money transfers, Visa Direct also contributes to closing the gap between blockchain technology and traditional finance by reducing long waiting periods for fund availability.
Akash Shah, Senior Director, Product Management at Coinbase, stated, "Offering this feature to our customers supports our mission of increasing economic freedom in the world." Shah explained that with the integration with Visa Direct, Coinbase-eligible customers can access their funds for trading in real time. We are providing the trust, security, and flexibility they anticipate by allowing them to manage their finances and move money with ease, Shah added.
Features that Visa Direct has made available to Coinbase users
- Users can buy crypto on the Coinbase platform using an eligible Visa debit card.
- Send money in real time to their Coinbase account, making use of an eligible Visa debit card.
- Real-time cash out of Coinbase funds to a bank account using an eligible Visa debit card
Additionally, Coinbase and Visa still provide US-based consumers with a Coinbase Visa debit card, the post added.
Growing trend of debit card integration with digital assets
With more cryptocurrency companies integrating Visa and other card networks, like Mastercard, debit cards are becoming more and more popular as ways to incorporate digital assets into users' daily lives.
The company that developed the Avalanche blockchain, the Avalanche Foundation, recently announced a Visa cryptocurrency card that accepts tokens such as Wrapped AVAX (wAVAX), BENQI Liquid Staked AVAX (sAVAX), and the USDC stablecoin.
Mastercard announced a similar move in September, partnering with Mercuryo, a European cryptocurrency payments provider, to enable users to spend cryptocurrency stored in self-custody wallets within its merchant network.
FV Bank partners with Visa for crypto debit and corporate cards
On Monday, October 28th, Fintech company FV Bank, in collaboration with Visa, introduced new corporate and debit cards designed to work with its digital asset custody services. Customers in the US and other countries can use the cards to access their fiat and cryptocurrency balances, according to a statement made at the Money 20/20 conference in Las Vegas, Nevada. Customers can use fiat money or digital assets to fund their Visa debit cards.
Disclaimer
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