Coinbase collaborates with Visa to introduce Visa Direct instant account funding service enabling onecard transfers and coin purchases
Coinbase, a U.S. exchange, has partnered with Visa to integrate Visa Direct into the Coinbase platform, allowing users in the U.S. and the EU to use eligible Visa debit cards to instantly fund their Coinbase accounts, enabling seamless transfers and cryptocurrency purchases with a single card.
**Collaboration Announcement: Instant Funding and Cryptocurrency Purchases**
On October 29, Visa announced its collaboration with Coinbase to provide a secure and immediate account funding service. Through Visa Direct, Coinbase users can use eligible Visa debit cards not only to quickly transfer funds into their Coinbase accounts but also to purchase cryptocurrencies directly on the Coinbase platform. Additionally, users can instantly transfer funds from Coinbase to their bank accounts, all with just a Visa debit card.
**Coinbase and Visa Continue to Expand Cryptocurrency Payment Landscape**
As early as April 2019, Coinbase launched the Coinbase Card in the UK, allowing users to spend ten different cryptocurrencies at millions of merchants, with the highest usage rates in the UK, followed by Italy, Spain, and France. In 2020, Coinbase became the first cryptocurrency institution to join Visa as a principal member, enabling it to issue cards and process credit card-related transactions similarly to traditional banks.
**The Trend of Payment Companies Adopting Cryptocurrency Payments**
The adoption of cryptocurrency payments by payment companies has become a trend, with initiatives such as MetaMask partnering with Mastercard to create the first “fully on-chain” crypto payment card, and PayPal leveraging its strengths in payments to assist other web3 companies with fiat deposit and withdrawal services. Additionally, payment company Block offers merchants using its Square and Cash App services the ability to convert a portion of their daily revenues into Bitcoin. This illustrates the gradual integration of payment companies and the cryptocurrency sector, as they actively collaborate with crypto firms to expand the scope of payment services and increase user and market options.
