San Francisco-based crypto exchange Coinbase partners with card payment giant Visa to enable real-time deposit and withdrawal of funds for eligible customers.
The development, announced in a recent press release, looks to offer more flexibility to Coinbase users in the European Union and the United States.
According to the announcement, the partnership led to Coinbase’s integration of Visa Direct, which enables real-time account funding and cashouts with eligible Visa cards.
Features of the Latest Partnership
The press release acknowledged that millions of Coinbase users have already connected their Visa debit cards to the exchange. Notably, the newly introduced feature will allow eligible customers to move funds to and from their accounts instantly using a Visa debit card.
With Visa Direct, Coinbase users can quickly top up their funds, instantly purchase their favorite crypto assets, and withdraw their funds to a bank account. Interestingly, Coinbase users in the U.S. and EU can initiate any of these services using an eligible Visa debit card.
The initiative is part of efforts to bridge the gap between crypto and traditional finance (TradFi). It also aims to reduce the waiting period for moving funds between exchanges and bank accounts.
Coinbase and Visa Execs React
Gonzalez Ore, the head of North America’s Visa Direct, expressed excitement about the partnership, indicating that the initiative will enable Coinbase users to quickly explore trading opportunities round the clock.
Coinbase’s senior director of product management also commented on the recent partnership with Visa. He suggested that the exchange’s integration of Visa Direct supports its financial freedom mission by giving users quick and secure access to funds.
Previous Coinbase and Visa Partnerships
This is not the first time Coinbase and Visa have collaborated on a project. In 2019, Coinbase released its Visa-powered crypto debit cards, dubbed Coinbase Card. The payment card initially launched in the U.K. allows users to spend several crypto assets, including Bitcoin, across various merchants on Visa’s global network.
A year later, the exchange became a Visa principal member, making it the first pure crypto firm to receive the approval. The integration of Visa Direct on Coinbase will further expand the companies’ partnership.
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