Coinbase has tapped Visa to introduce real-time account funding for US and European customers, leveraging the company’s Visa Direct service.
The development enables eligible Coinbase users to fund their accounts instantly using Visa debit cards. Also, it removes traditional banking delays, the payment giant said in a Tuesday announcement.
The new feature arrives at a pivotal moment as Bitcoin’s price nears its all-time high, fueling trading interest. Coinbase, like other exchanges, benefits from increased trading volumes. It benefits especially when prices surge, as it collects higher fees from transaction activity.
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Coinbase Users Can Now Directly Purchase Crypto Via 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 enables users to spend crypto on everyday purchases or convert it to cash at ATMs.
“Bringing this feature to our customers supports our mission of increasing economic freedom in the world,” said Akash Shah, Senior Director, Product Management at Coinbase.
“The integration with Visa Direct gives our eligible customers real-time 1 access to their funds for trading. By enabling them to move money seamlessly and control their finances, we are delivering the trust, security, and flexibility they expect.”
@Coinbase partners with @Visa Direct to enable real-time account funding for customers
#Coinbase integrates #VisaDirect to offer customers with eligible #Visa debit cards the ability to instantly deposit, withdraw and buy crypto. This partnership adds convenience and new… pic.twitter.com/3ketVPaYlR
— PHOENIX – Crypto News & Analytics (@pnxgrp) October 30, 2024
The rollout follows Coinbase’s recent decision to end its Paycheck Direct Deposit service. It had allowed users to allocate parts of their paycheck directly into crypto.
Despite user dissatisfaction with the sudden discontinuation, Coinbase indicated plans to revamp the feature. Moreover, 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 that those Coinbase users with an eligible Visa debit card know that 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 joined forces with Wirex to foster the adoption of Web3 payments across the UK and the 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 seamless transactions by bridging blockchain technology with traditional financial systems, enhancing the efficiency and security of payments.
Amid a resurgence in crypto prices this year, a number of major payment firms have made collaborations to simplify crypto payments.
For one, Bybit Card, payment solution offered by popular crypto exchange Bybit, has integrated Apple Pay to provide its customers with an option for making crypto purchases. The new feature will allow users to enjoy the convenience of using Apple Pay at checkout.
Likewise, crypto payment provider MoonPay has unveiled a partnership with PayPal to allow users in the EU and the UK to buy crypto using PayPal as a payment option.
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