San Francisco-based cryptocurrency exchange Coinbase has teamed up with the renowned payment processing giant Visa to facilitate real-time deposits and withdrawals for eligible customers. This collaboration, revealed in a recent press release, aims to enhance flexibility for Coinbase users in both the European Union and the United States.
As part of this partnership, Coinbase has integrated Visa Direct, a service that allows for instantaneous funding and withdrawals using eligible Visa cards.
### Key Features of the New Partnership
The press release highlighted that millions of Coinbase users have already linked their Visa debit cards to the exchange. The newly launched feature enables qualified customers to transfer funds to and from their accounts in real-time via their Visa debit cards.
With Visa Direct, Coinbase users can rapidly add funds, make instant purchases of their preferred cryptocurrencies, and withdraw money to a bank account seamlessly. Notably, this functionality is available to Coinbase users in the U.S. and EU who possess an eligible Visa debit card.
This initiative is part of broader efforts to connect the worlds of cryptocurrency and traditional finance (TradFi), while also aiming to minimize the waiting times associated with transferring funds between exchanges and bank accounts.
### Reactions from Executives at Coinbase and Visa
Gonzalez Ore, the head of Visa Direct in North America, expressed enthusiasm regarding the partnership, stating that it will empower Coinbase users to seize trading opportunities at any hour. Similarly, Coinbase’s senior director of product management remarked that integrating Visa Direct aligns with the exchange’s mission of financial freedom by providing users with quick and secure access to their funds.
### Previous Collaborations Between Coinbase and Visa
This collaboration is not the first between Coinbase and Visa. In 2019, Coinbase launched its Visa-powered crypto debit card, known as the Coinbase Card. Initially available in the U.K., this payment card allows users to spend various cryptocurrencies, including Bitcoin, at numerous merchants within Visa’s global network.
The following year, Coinbase became a principal member of Visa, marking a significant milestone as the first pure cryptocurrency company to receive such approval. The integration of Visa Direct into Coinbase’s platform is set to further strengthen the partnership between the two companies.
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