Visa and Coinbase just made it easier for users to buy and withdraw crypto instantly. Now, if you have an eligible Visa debit card, you can instantly deposit and cash out funds on one of the largest crypto exchanges.
In a statement on October 29, Visa shared that millions of Coinbase users already connect their debit cards to their accounts. With this new partnership, Visa debit cardholders in the U.S. and Europe can now get “real-time access to their funds,” making it faster to buy crypto and withdraw it straight into their bank accounts.
Excited for Visa to partner with @coinbase to help them utilize Visa Direct to fund Coinbase accounts and enable real time cash outs https://t.co/aA9l6ZvwHm
— Cuy Sheffield (@cuysheffield) October 30, 2024
Coinbase users with an eligible Visa debit card can now buy crypto on the platform and send funds directly to their bank accounts — right when they need it. This instant access will depend on the bank and the region, so availability might vary.
Visa Direct’s North America head, Yanilsa Gonzalez Ore, explained the perk: “Those Coinbase users with an eligible Visa debit card know that they can take advantage of trading opportunities day and night.”
Such Partnership Isn’t New
This partnership marks a big step forward, especially after traditional finance firms hit a pause on new crypto offerings due to the FTX crash in 2022. That event shook trust in the market and triggered a banking crisis in early 2023. But regulations are starting to catch up. The EU’s Markets in Crypto-Assets Regulation (MiCA), which rolled out this year, is now providing clear guidelines for crypto firms like Coinbase on how to operate. Meanwhile, in the U.S., crypto companies like Coinbase are betting millions to influence policy, hoping for favorable crypto laws after the November 5 election.
THREAD: [1/6] Today, the EU Parliament voted to pass MiCA – the first comprehensive, EU-wide rules for crypto asset service providers and different crypto assets (including stablecoins).
— Chainalysis (@chainalysis) April 20, 2023
Visa’s work with Coinbase isn’t a first time; they’ve been supporting Coinbase’s crypto debit card for a while, letting users spend their crypto at Visa-friendly merchants. Visa also recently sealed a deal with FV Bank, another financial tech firm, to support their crypto debit cards.
At the Money 20/20 conference in Las Vegas, FV Bank introduced cards that let users tap into both fiat (regular money) and crypto balances, with deposits available in U.S. dollars, USD Coin (USDC), Tether (USDT), Bitcoin (BTC), Ether (ETH), Polygon (MATIC), Polkadot (DOT), and Dogecoin (DOGE).
2/ Bank. Convert. Spend. Anywhere.In addition to spending your USD bank balance, you can: Convert #DigitalAssets in custody to USD Deposit #USDC and enjoy auto-conversion to USD… and spend it anywhere using your card Learn more: https://t.co/QqLRpDcARz
— FV Bank (@fvbankus) October 28, 2024
More Debit Card Merchants are Trying Out Crypto
Crypto debit cards like these are becoming popular as a way to bring digital assets into daily life. Along with Visa, Mastercard is also making moves in the crypto space. Recently, the Avalanche Foundation rolled out a Visa crypto card supporting tokens like Wrapped AVAX (wAVAX), BENQI Liquid Staked AVAX (sAVAX), and USDC.
Introducing the Avalanche Card! Spend your WAVAX, USDC, sAVAX, and more wherever Visa is accepted.Enjoy both physical and virtual cards, 24/7 dedicated support, and seamless transactions through popular apps.The future starts now! Join the waitlist and check out the full… pic.twitter.com/NUmW93sX5P
— Avalanche Foundation (@AvalancheFDN) October 21, 2024
Mastercard also partnered with European crypto payment provider Mercuryo in September, letting users spend crypto directly from self-custody wallets at a range of merchants.
A new era of tokenization is here. The Visa Tokenized Asset Platform (VTAP) is designed to help banks bring fiat currencies onchain in a safe, seamless, and efficient manner. Learn more: https://t.co/1acDBENxV8 pic.twitter.com/WuHmPLc9xr
— VisaNews (@VisaNews) October 3, 2024
Visa has been investing in crypto technology, too. Earlier this month, on October 3, Visa introduced its Visa Tokenized Asset Platform (VTAP), which helps issue and manage digital assets — showing its commitment to the future of digital currency.
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