San Francisco-based cryptocurrency exchange Coinbase has partnered with card payments giant Visa to offer instant deposit and withdrawal of funds to eligible customers. The development, announced in a recent press release, is intended to provide more flexibility for Coinbase users in the EU and the United States.
According to the announcement, the partnership has resulted in Coinbase’s integration of Visa Direct, a service that allows for instant account funding and withdrawals using eligible Visa cards.
Features of the latest collaboration
The press release noted that millions of Coinbase users already have their Visa debit cards linked to the exchange. Notably, this newly launched feature will allow eligible customers to instantly transfer funds in and out of their accounts via a Visa debit card. With Visa Direct, Coinbase users can quickly top up their funds, instantly purchase their favorite crypto assets, and withdraw funds to their bank accounts. Interestingly, Coinbase users in the US and EU can activate these services using an eligible Visa debit card.
The move is an effort to bridge the gap between crypto and traditional finance (TradFi), and is designed to reduce waiting times for transferring funds between exchanges and bank accounts.
Coinbase and Visa executives react
Gonzalez Ore, head of Visa Direct North America, expressed excitement about the partnership, noting that the move will enable Coinbase users to quickly explore trading opportunities at any time. Coinbase’s senior director of product management also commented on the recent partnership with Visa. He said the exchange’s integration of Visa Direct supports its mission of financial freedom, giving users quick and secure access to their funds.
Coinbase and Visa’s previous collaboration
This isn’t the first time Coinbase has collaborated with Visa. In 2019, Coinbase released its Visa-powered crypto debit card called Coinbase Card. Initially launched in the UK, the card allows users to spend a variety of crypto assets, including Bitcoin, on Visa’s global network. A year later, the exchange became a principal member of Visa, becoming the first pure-play crypto company to receive approval. Coinbase’s integration of Visa Direct will further expand the partnership between the two companies.
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