What happened?
Cryptocurrency exchange Coinbase has integrated with Visa Direct, allowing eligible Visa card users in certain regions to instantly deposit funds into their Coinbase accounts. Users can not only deposit funds and purchase cryptocurrencies instantly but also withdraw funds to their bank accounts immediately. The partnership 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 enable instant deposits for cardholders
Financial giant Visa recently announced its collaboration with cryptocurrency exchange Coinbase to integrate Visa Direct, allowing Visa users in the United States and the European Union to instantly deposit funds into their Coinbase accounts, eliminating the waiting period. Coinbase, with millions of users, already offers the functionality of linking basic debit cards for deposits and withdrawals. However, this collaboration brings a more “real-time” transfer feature to eligible cardholders, addressing the issue of slow fund movement in dynamic markets.
In addition to instant deposits and cryptocurrency purchases, users can also withdraw funds to their bank accounts immediately. Yanilsa Gonzalez Ore, Visa Direct’s director for North America, stated that this collaboration allows users to “seize trading opportunities anytime, anywhere,” removing the limitations of fund waiting in cryptocurrency transactions.
Akash Shah, Senior Director of Product Management at Coinbase, emphasized that instant access to funds supports Coinbase’s mission to enhance economic freedom. Through Visa Direct, users can have real-time visibility of fund flows and improve transaction flexibility.
Deepening the connection between traditional finance and the cryptocurrency market
The integration of the cryptocurrency market with traditional payment systems has always faced obstacles due to its significant volatility and scandals related to fraud. However, Bloomberg points out that the collaboration between Visa and Coinbase indicates that the market is moving towards a more stable direction. With the gradual clarification of cryptocurrency regulations globally, especially anticipated policy changes in the United States, cryptocurrency payments may achieve broader applications in the future.
The partnership between Visa and Coinbase not only allows users to enjoy the convenience of instant fund transfers but also strengthens the connection between traditional finance and blockchain technology. Such innovative collaboration may potentially become one of the standard modes of payment in the future.
Source:
Bloomberg, Visa
