Visa has announced an exciting new partnership with Coinbase that will allow users holding eligible Visa debit cards to instantly deposit and withdraw funds from their Coinbase accounts. This development is expected to enhance the user experience for millions of Coinbase customers, particularly in the United States and the European Union, by offering real-time access to their account funds.
With the integration of these services, Coinbase users will have the ability to purchase cryptocurrency directly on the platform using their eligible Visa debit cards. Additionally, they will be able to transfer funds from their Coinbase accounts to their bank accounts in real time, depending on their financial institution and geographical location. This partnership aims to empower users to seize trading opportunities at any time.
The launch of this offering comes at a time when confidence in the cryptocurrency sector was shaken following the collapse of FTX in 2022, which significantly impacted crypto markets and contributed to a banking crisis in early 2023. However, the introduction of the Markets in Crypto-Assets Regulation (MiCA) earlier this year in the European Union has provided critical legal clarity for crypto asset service providers, like Coinbase, regarding their operations in Europe.
In the United States, major players in the cryptocurrency market, including Coinbase, have been actively engaging in political lobbying during the current election cycle, positioning themselves for favorable pro-crypto regulations from the next government. Regardless of the election outcome, there is a growing consensus among analysts that upcoming policy changes could benefit the industry.
Visa’s long-standing relationship with Coinbase includes a previous collaboration to support cryptocurrency debit cards, further solidifying its role in the evolving landscape of digital finance. Recently, Visa extended its commitment to this space by partnering with FV Bank to back the launch of debit cards that facilitate both crypto and cash transactions.
