VISA customers with eligible debit cards will be able to deposit funds into their Coinbase Global accounts – sometimes instantly – via a partnership announced by the payments giant and crypto exchange.
Coinbase already has millions of connections to customers’ debit cards but this new development allows for the real-time flow of funds for customers in the US and European Union, according to the Tuesday (Oct 29) statement.
Eligible Visa debit card holders can now “take advantage of trading opportunities day and night”, said Yanilsa Gonzalez Ore, head of the Visa Direct business for North America.
Visa, which powers the Coinbase debit card, said customers will also be able to buy cryptocurrencies on Coinbase with an eligible debit card and cash out their money from the platform to a bank account, also via the card.
The digital asset sector has often struggled to tap traditional banking and payment rails due to concerns over market volatility and industry scandals. But crypto regulations are becoming clearer globally and could be firmed up in the US by the next administration, easing some of those challenges.
Coinbase’s latest results are expected after the close of trading on Wednesday. Wall Street analysts are focused on quarterly trading volumes, which they expect took a hit due to increased competition. BLOOMBERG
