- Supporting over 200 countries worldwide, Visa makes another crypto move.
- The traditional finance heavyweight integrates direct payments on Coinbase.
- Instant bank cashouts enable traders to time the market in depth.
A new partnership between Coinbase and Visa Direct reveals that Visa is making further connections with crypto’s heavyweights. The ground-breaking move was announced in a statement on October 29, 2024, bringing this feature to eligible Visa debit card owners across the globe.
Sponsored
This enables Coinbase’s customer base to:
- Purchase cryptocurrencies directly from an eligible VISA card.
- Make real-time VISA deposits and withdrawals within Coinbase.
- Instant bank cash-outs, eliminating fund access waiting period.
“Bringing this feature to our customers supports our mission of increasing economic freedom in the world,” proclaimed Coinbase’s Senior Product Management Director Akash Shah. The platform is currently the third largest major centralized exchange, garnering 30 million unique monthly visits.
Besides, the deal with traditional finance behemoth Visa comes during positive price action for Coinbase’s openly traded stock shares. Coinbase Global Inc (COIN) soared by 22% in 30 days, in syndication with Bitcoin’s (BTC) double-digit rally to approach new yearly highs.
Coinbase Offers Rewards for VISA Card Holders
In addition to real-time processing of crypto purchases, deposits, and bank withdrawals, Visa and Coinbase teamed up for a U.S.-based crypto debit card. The Coinbase X Visa crypto card currently offers cash-back rewards on purchases made with BTC and Ethereum (ETH), as well as altcoins such as Stellar Lumens (XLM), Dogecoin (DOGE), and Algorand (ALGO).
While Coinbase has historically been notorious for fees, the Coinbase Visa card’s frequently asked questions section leads us to believe that “There are no fees for spending US dollars (USD) or crypto.” However, card transactions usually reserve a spread in the price of buying and selling crypto to lock in a price for trade processing.
On the Flipside
- Striking deals between major crypto firms and traditional finance systems has been a deep-rooted issue due to the sector’s vague regulation.
- A great example is Visa discontinuing the debit card for most of Binance’s customers after the exchange’s $4.5B settlement with the DoJ.
Why This Matters
Flexible payment solutions enable crypto traders to snap time-sensitive trading opportunities, which can be pivotal in the ever-shifting market dynamics.
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