Can Visa and Coinbase collaboration enable seamless cryptocurrency transactions with instant deposits and withdrawals via debit cards

What happened?
Cryptocurrency exchange Coinbase has integrated with Visa’s network “Visa Direct”, allowing limited area Visa card users to instantly deposit funds into their Coinbase accounts.
In addition to being able to deposit funds instantly and purchase cryptocurrencies, users can also immediately withdraw funds to their bank accounts.
The collaboration between Visa and Coinbase not only provides convenience for users but also deepens the connection between traditional finance and blockchain technology.
Visa and Coinbase collaborate to allow cardholders to make instant deposits
Financial giant Visa recently announced a partnership with cryptocurrency exchange Coinbase to integrate Visa Direct’s network, allowing Visa users in the United States and the European Union to instantly deposit funds into their Coinbase accounts, eliminating waiting periods.
Coinbase, which has millions of users, already offers the functionality of linking basic debit cards for deposits and withdrawals. However, this collaboration will bring a more “instant” transfer feature to eligible cardholders, solving the issue of slow fund flow in dynamic markets.
In addition to being able to deposit funds instantly and purchase cryptocurrencies, users can also immediately withdraw funds to their bank accounts. Yanilsa Gonzalez Ore, Visa Direct’s North America director, stated that this partnership allows users to “seize trading opportunities anytime, anywhere”, removing the limitations of waiting for funds in cryptocurrency transactions.
Akash Shah, Senior Director of Product Management at Coinbase, emphasized that the ability to use funds instantly supports Coinbase’s mission to enhance economic freedom. Through Visa Direct, users can have real-time control over the flow of funds, enhancing transaction flexibility.
Deepening the connection between traditional finance and the cryptocurrency market
The integration of the cryptocurrency market into traditional payment systems has always faced obstacles due to its significant volatility and scandals such as fraud. However, Bloomberg points out that the collaboration between Visa and Coinbase signifies the market moving towards a more stable direction. As global cryptocurrency regulations gradually clarify, especially with the anticipated policy changes in the United States, cryptocurrency payments may achieve wider applications in the future.
The collaboration between Visa and Coinbase not only provides users with the convenience of instant fund transfers but also deepens the connection between traditional finance and blockchain technology. Such innovative collaboration may become one of the standard models for future payments.
Source:
Bloomberg, Visa