Digital payments giant Visa has announced a strategic partnership with leading cryptocurrency exchange Coinbase. The partnership aims to facilitate the buying and selling of cryptocurrencies by enabling Coinbase customers in the US and EU to instantly deposit funds into their accounts using Visa cards. Thanks to the integration with the Visa Direct network, users can now benefit from the speed and ease of digital money transfers.
The announcement of this partnership comes at a time when the cryptocurrency market is experiencing a significant rise, with the price of Bitcoin, the largest digital currency by market capitalization, approaching an all-time high of $73,700. This rise is driven by increased institutional interest in cryptocurrencies and technological developments in this field. Platforms like Coinbase are capitalizing on this momentum by offering new services such as instant deposits, making it easier for users to invest in digital assets.
With millions of users already linking debit cards to their Coinbase accounts, this new service will help increase trading volume on the platform and cement Coinbase’s position as one of the largest cryptocurrency platforms in the world.
“This partnership allows Coinbase customers to benefit from trading opportunities around the clock, thanks to the ability to instantly fund their accounts using Visa cards,” Yanelsa Gonzalez Ori, President of Visa Direct for North America, said in a press release. “With this feature, users can quickly respond to changes in the cryptocurrency market and make timely investment decisions.”
The new service is a valuable addition to Coinbase’s existing debit card, which launched in October 2020. In addition to being able to spend cryptocurrency for purchases online and in-store and withdraw cash from ATMs, the new service allows users to deposit funds into their accounts on the platform instantly, facilitating trading and expanding the card’s reach.
