Coinbase has tapped Visa to introduce real-time account funding for US and European customers, leveraging the company’s Visa Direct service.
The development allows eligible Coinbase users to fund their accounts instantly using Visa debit cards. In addition, this eliminates traditional banking deadlines, the payment giant said in an announcement Tuesday.
The new feature comes at a pivotal time as the price of Bitcoin approaches its all-time high, fueling trading interest. Coinbase, like other exchanges, is benefiting from increased trading volumes. It particularly benefits when prices skyrocket, as it earns higher fees on trading activities.
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Coinbase Users Can Now Buy Crypto Directly Through Visa
Beyond instant funding, Coinbase customers can Also use Visa debit cards for crypto purchases and withdrawals to their bank accounts.
The service complements Coinbase’s existing Visa debit card, launched in 2020. The launch allows users to spend crypto on everyday purchases or convert it to cash at ATMs.
“Offering this functionality to our customers supports our mission to increase economic freedom. in the worldsaid Akash Shah, senior director of product management at Coinbase.
“The integration with Visa Direct gives our eligible customers real-time access to their funds for trading purposes. By allowing them to move money seamlessly and control their finances, we deliver the confidence, security and flexibility they expect.
@Coinbase partners with @Visa Direct to enable real-time account funding for customers
#Coinbase integrated #VisaDirect offer to eligible customers #Visa debit cards allow instant deposit, withdrawal and purchase of cryptocurrencies. This partnership adds convenience and new… pic.twitter.com/3ketVPaYlR– PHOENIX – Crypto News and Analysis (@pnxgrp) October 30, 2024
The rollout follows Coinbase’s recent decision to discontinue its Paycheck direct deposit service. This had allowed users to allocate part of their salary directly into crypto.
Despite user dissatisfaction with the sudden shutdown, Coinbase indicated plans to revamp the feature. Additionally, the company is ready to offer an enhanced direct deposit experience in the future.
“Providing real-time account funding using Visa Direct and an eligible Visa debit card means Coinbase users with an eligible Visa debit card know they can take advantage of trading opportunities day and night”, Yanilsa Gonzalez Ore, head of Visa Direct, North America for Visa, siad.
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Visa partners with WireX to drive crypto adoption in Europe
Earlier this year, Visa partners with Wirex to drive adoption of Web3 payments in the UK and European Economic Area (EEA).
At the heart of the collaboration is the launch of Wirex Pay, a modular Zero Knowledge (ZK) payment chain. It facilitates transparent transactions by linking blockchain technology with traditional financial systems, improving the efficiency and security of payments.
Amid a resurgence in cryptocurrency prices this year, a certain number of Major payment companies have collaborated to simplify crypto payments.
On the one hand, the Bybit card, payment solution proposed by the popular crypto exchange Bybit, has Apple Pay integrated to offer its customers the possibility of making crypto-currency purchases. The new feature will allow users to enjoy the convenience of using Apple Pay when paying.
Similarly, crypto payment provider MoonPay unveiled a partnership with PayPal to allow users in the EU and UK to purchase crypto using PayPal as a payment option.
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