Coinbase, the American exchange, has partnered with Visa to integrate Visa Direct into the Coinbase platform, aiming to allow users in the United States and the European Union to use eligible Visa debit cards for instant fund transfers into their Coinbase accounts, enabling both 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 offer instant and secure account funding services. Through Visa Direct, Coinbase users can utilize eligible Visa debit cards to quickly transfer funds into their Coinbase accounts, purchase cryptocurrencies directly on the Coinbase platform, and even transfer funds from Coinbase to their bank accounts instantly, all with one Visa debit card.
Coinbase and Visa Continue to Expand in the 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 stores, with the highest usage in the UK, followed by Italy, Spain, and France. In 2020, Coinbase became the first cryptocurrency institution to join Visa as a principal member, granting it the qualification to issue cards and process credit card-related business like traditional banks.
The Trend of Payment Companies Adopting Cryptocurrency Payments
The adoption of cryptocurrency payments by payment companies has become a trend, with companies like MetaMask collaborating with Mastercard to create the first “fully on-chain” cryptocurrency payment card, and PayPal leveraging its advantages in the payment sector to assist other Web3 companies with fiat currency deposit and withdrawal services. Additionally, payment company Block provides merchants using its Square and Cash App services the ability to convert a portion of their daily revenue into Bitcoin. This demonstrates the gradual integration of payment companies with the cryptocurrency sector, as they actively collaborate with crypto businesses to expand the scope of payment services and increase user and market options.