Visa users with eligible debit cards will soon be able to instantly deposit and withdraw funds from their accounts with the crypto exchange Coinbase after the two firms announced a partnership.
“Coinbase already has millions of users with a debit card connected to their account,” Visa said in an Oct. 29 statement. It added United States and European Union customers will get “real-time delivery of account funds for those using an eligible Visa debit card.”
Coinbase customers will also be able to purchase crypto on the platform with an eligible Visa debit card and cash out funds from the exchange to a bank account in real time — depending on the bank and region.
Yanilsa Gonzalez Ore — the head of Visa Direct in North America — said the partnership means “those Coinbase users with an eligible Visa debit card know that they can take advantage of trading opportunities day and night.”
Source: Cuy Sheffield
The offering comes in a lull period for crypto offerings from traditional finance firms after FTX’s massive 2022 blow-up quashed confidence in the sector, tanked crypto markets, and led to a banking crisis in early 2023.
However, the EU’s crypto regulatory framework, the Markets in Crypto-Assets Regulation (MiCA), came into effect earlier this year and gave legal clarity for so-called crypto asset service providers like Coinbase on how they’re to operate locally.
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In the US, several major crypto players — including Coinbase — have spent millions influencing the presidential and Congressional elections, with many industry pundits now predicting the next administration or Congress will pass pro-crypto regulations, regardless of which candidate clinches victory on Nov. 5.
Visa has long dealt with Coinbase by powering its crypto debit cards, which gives users an outlet to spend their crypto through its network of vendors.
The payments and card giant inked a similar deal with FV Bank on Oct. 28, backing the fintech firm’s debit cards, which can be funded with crypto and cash.
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