In a new partnership, Visa and Coinbase announced plans to allow eligible debit cardholders instant deposits and withdrawals on the Coinbase platform. Starting soon, customers in the United States and European Union with a qualifying Visa debit card can experience near-instant access to funds, boosting Coinbase’s usability and accessibility.
A statement from Visa, dated October 29, highlighted that millions of Coinbase users already link debit cards to their accounts. Now, those with an eligible Visa debit card will enjoy the “real-time delivery of account funds,” enhancing opportunities to manage their investments directly through Coinbase.
Real-Time Crypto Purchases and Cash-Outs
The collaboration extends beyond quick deposits, giving cardholders the ability to buy crypto on Coinbase and instantly cash out to their bank accounts. The convenience will vary depending on the specific bank and region, but the goal is clear: make crypto trading and cashing out as seamless as possible. Yanilsa Gonzalez Ore, Visa Direct’s Head in North America, emphasised that the partnership opens up “day and night trading opportunities” for Coinbase users with Visa debit cards.
This partnership arrives during a relatively quiet phase for crypto offerings from traditional finance, following FTX’s implosion in 2022, which shook the market’s stability and triggered a ripple effect, including a banking crisis in early 2023. However, regulatory developments in Europe may be setting the stage for a new chapter. The EU’s Markets in Crypto-Assets Regulation (MiCA), which began rolling out earlier this year, provides companies like Coinbase with clearer guidelines, giving them the ability to operate more confidently within the European Union.
U.S. Crypto Policy at a Crossroads
In the United States, where the regulatory environment for crypto remains uncertain, industry players like Coinbase are influencing the upcoming elections, with hopes for a more supportive regulatory framework. With millions spent lobbying, many crypto advocates expect that regardless of the election’s outcome, the next administration or Congress could advance pro-crypto regulations, potentially boosting growth across the sector.
Expanding Visa’s Crypto Reach
This isn’t Visa’s first partnership with Coinbase. The payments giant has powered Coinbase’s crypto debit cards, which allow users to spend their crypto holdings across Visa’s extensive network. Just days prior, Visa also inked a deal with FV Bank on October 28, supporting FV’s debit cards, which are likewise fundable with both crypto and cash. These initiatives position Visa as an increasingly significant player in bridging traditional finance and crypto, offering users more options for their digital assets.
