What happened?
Cryptocurrency exchange Coinbase has integrated with Visa Direct, allowing Visa card users in certain regions to instantly deposit funds into their Coinbase accounts. In addition to instant deposits and purchasing cryptocurrencies, users can also immediately withdraw funds to their bank accounts. The collaboration between Visa and Coinbase not only provides convenience for users but also deepens the connection between traditional finance and blockchain technology.
Visa and Coinbase collaboration enables instant deposits for cardholders
Financial giant Visa recently announced its collaboration with cryptocurrency exchange Coinbase to integrate Visa Direct network, allowing Visa users in the United States and European Union to instantly deposit funds into their Coinbase accounts, avoiding waiting periods. Despite already offering a feature that allows basic card deposits and withdrawals, Coinbase, which has millions of users, aims to provide more “real-time” transfer capabilities for eligible cardholders, addressing the issue of slow fund movement in a dynamic market.
In addition to instant deposits and purchasing cryptocurrencies, users can also immediately withdraw funds to their bank accounts. Yanilsa Gonzalez Ore, the North America director of Visa Direct, stated that this collaboration allows users to “seize trading opportunities anytime, anywhere,” eliminating the limitations of fund waiting in cryptocurrency transactions.
Akash Shah, Senior Director of Product Management at Coinbase, emphasized that the ability to use funds in real-time supports Coinbase’s mission to enhance economic freedom. Through Visa Direct, users can have real-time visibility of fund flow, thereby increasing 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 involving fraud. However, the collaboration between Visa and Coinbase suggests that the market is moving towards a more stable direction. As global cryptocurrency regulations gradually become clearer, especially with expected policy changes in the United States, cryptocurrency payments may achieve broader applications in the future.
The collaboration between Visa and Coinbase not only provides users with the convenience of instant fund transfers but also deepens the connection between traditional finance and blockchain technology. This innovative collaboration may become one of the standard payment models in the future.
Source:
Bloomberg
Visa
