Coinbase partners with Visa, allowing debit card users in the U.S. and EU to withdraw cryptocurrency instantly, opening up more flexible trading opportunities as the market gradually recovers.
Visa and cryptocurrency exchange Coinbase recently announced a strategic partnership, allowing eligible Visa debit card users in the U.S. and the European Union (EU) to instantly deposit and withdraw cryptocurrency from their Coinbase accounts. The announcement was made by Visa on October 29, marking a new step in integrating cryptocurrency into the traditional financial system.
Accordingly, Coinbase customers with a valid Visa debit card will be able to purchase cryptocurrency on the platform and withdraw money to their linked bank account in real-time. The transaction speed will depend on the user's bank and geographical location. Ms. Yanilsa Gonzalez Ore, Director of Visa Direct for North America, emphasized that this partnership provides significant flexibility for Coinbase users, allowing them to transact "anytime, day or night."
Source: Cuy Sheffield Positive signals for the cryptocurrency market
This partnership is seen as a positive signal for the cryptocurrency market, especially in the context of diminished trust in the market following the collapse of FTX in 2022 and the banking crisis at the beginning of 2023. However, in Europe, the MiCA regulatory framework has been in effect since the beginning of the year, providing transparency for digital asset service providers like Coinbase.
In the U.S., Coinbase along with many other major cryptocurrency companies are actively lobbying for more industry-friendly regulations. Many experts predict that the next administration or Congress will take positive action in this area, regardless of the outcome of the presidential election on November 5.
Previously, Visa had partnered with Coinbase to issue cryptocurrency debit cards, allowing users to spend cryptocurrency through Visa's network of providers. On October 28, Visa also announced a similar agreement with FV Bank, supporting this fintech's debit card, allowing users to fund their accounts with both cryptocurrency and fiat currency.