Visa and Coinbase have partnered to enable U.S. and EU customers with eligible Visa debit cards to make instant deposits, withdrawals, and crypto purchases on Coinbase.
Following the announcement of a partnership between Coinbase and Visa, users of eligible debit cards will soon be able to deposit and withdraw funds from their accounts with the crypto exchange instantly.
Crypto Purchases on Debit Cards
Visa stated on October 29 that Coinbase has millions of consumers with a debit card linked to their accounts. It also stated that consumers in the United States and the European Union will receive “real-time delivery of account funds for those using an eligible Visa debit card.”
Additionally, Coinbase clients can purchase cryptocurrency on the platform using an eligible Visa debit card and withdraw funds from the exchange in real time to a bank account, subject to the bank and region.
Yanilsa Gonzalez Ore, the president of Visa Direct in North America, stated that the partnership ensures that “Coinbase users with an eligible Visa debit card can capitalize on trading opportunities at any time of day.”
The offering is being made during a period of relative calm for crypto offerings from traditional finance firms following the 2022 collapse of FTX, which resulted in a banking crisis in early 2023, a loss of confidence in the sector, and a decline in crypto markets.
Nevertheless, the Markets in Crypto-Assets Regulation (MiCA), the EU’s crypto regulatory framework, was implemented earlier this year, providing legal certainty to “crypto asset service providers” such as Coinbase regarding their local operations.
Many industry pundits are now predicting that the next administration or Congress will pass pro-crypto regulations, regardless of which candidate clinches victory on Nov. 5. In the United States, several major crypto players, including Coinbase, have spent millions influencing the presidential and Congressional elections.
Visa has maintained a long-standing partnership with Coinbase by providing power to its crypto debit cards. This arrangement allows users to expand their crypto through the network of vendors.
On October 28, the payments and card behemoth entered into a comparable agreement with FV Bank, which supports the fintech firm’s debit cards, which can be funded with cash and cryptocurrency.
