Visa and Coinbase have launched a partnership allowing eligible Visa debit card holders to make instant fund transfers to Coinbase accounts. The move aims to “enhance accessibility and convenience” for crypto traders.
According to the report, this new feature will, in particular, enable US and European Union customers with Visa debit cards to deposit funds into their Coinbase accounts nearly instantly.
Real-Time Crypto Purchases for Debit Card Users
In a statement released on Tuesday, Visa and Coinbase outlined that this partnership is designed to allow crypto investors to take advantage of market opportunities in “real-time, 24/7.”
Yanilsa Gonzalez Ore, head of Visa Direct for North America, particularly explained that the partnership reflects Visa’s intention to bridge the traditional finance and digital asset spaces, offering customers “greater flexibility” in accessing trading platforms.
Additionally, the partnership aims to make transactions “seamless,” even during times of high market volatility, by facilitating real-time funding and withdrawals via debit cards.
Visa’s established role as the provider of the Coinbase debit card will now include the option for users to buy digital assets on Coinbase with their Visa debit card and cash out directly to a bank account linked to the card.
Easing Access To Crypto Markets Amid Regulatory Developments
The introduction of real-time funding and withdrawals for digital currency transactions comes when the digital asset industry is tackling notable challenges integrating with traditional financial systems.
Historically, the sector has encountered resistance from banks and other financial institutions wary of crypto’s price volatility and past market controversies. However, as global regulatory frameworks become clearer, traditional finance and digital currency are beginning to align more closely.
According to the report, there is optimism within the industry that US regulations with the coming administration will evolve, potentially allowing further integration of crypto into conventional banking services.
For the main time, the US crypto industry has continued challenging the current administration regarding its approach towards regulating this digital asset space.
Recently, some major crypto groups challenged the US SEC on crypto airdrop rules, arguing that airdrops fall outside the scope of the “Howey Test,” a legal standard determining if a transaction qualifies as an investment contract.
In related news, Coinbase CEO Brian Armstrong slams the current SEC administration, noting that they have damaged the industry; therefore, the next SEC Chair would need to apologize to the American People.
The next SEC chair should withdraw all frivolous cases, and issue an apology to the American people.
It would not undue the damage done to the country, but it would start the process of restoring trust in the SEC as an institution. pic.twitter.com/kWVx73vYMs
— Brian Armstrong (@brian_armstrong) October 29, 2024
Featured image created with DALL-E, Chart from TradingView
