Visa has launched a funds transfer partnership with cryptocurrency exchange Coinbase.
According to a Tuesday (October 29) news release, the partnership will connect Coinbase to the Visa Direct network and allow customers of the exchange to deposit funds into their accounts via eligible Visa debit cards. That's what it means.
“Providing this functionality to our customers supports our mission to increase economic freedom around the world,” Akash Shah, Coinbase's senior director of product management, said in a release.
“Our integration with Visa Direct gives eligible customers real-time access to funds for trading. By enabling them to seamlessly move money and manage their finances, we We offer the trust, security and flexibility you expect.”
According to the release, Coinbase already has millions of users who have debit cards connected to their accounts. This new feature allows for real-time transfer of account funds, giving you more opportunities to take advantage of trading opportunities.
The service allows users to transfer funds to their Coinbase account, purchase cryptocurrencies at Coinbase, and cash out funds from Coinbase to their bank account, all with an eligible Visa debit card from both companies. added.
The partnership follows Coinbase's announcement earlier this month that it is expanding the ways businesses can pay using the Coinbase Prime intermediary platform.
“Fortune 500 companies are increasingly approaching Coinbase to explore crypto payments,” Steven Capozza, director of institutional sales at Coinbase, said in a news release. “Many companies are rapidly moving from proof-of-concept exploration to full implementation.”
The company claims that stablecoins can make B2B payments and financial management faster, cheaper, and more efficient because they settle instantly across borders. Additionally, it provides benefits to holders and facilitates workflow for businesses and their vendors.
And both of these things come at a time when various players in the cryptocurrency industry are seeking “greater utility and visibility across the financial services ecosystem,” as PYMNTS wrote earlier this month. I am.
For example, Stripe recently began allowing U.S. merchants to accept Circle-issued USDC through their online checkout pages.
Additionally, 77% of merchants who accept cryptocurrency payments say they do so because of lower transaction processing fees compared to other payment methods, according to a PYMNTS Intelligence study. Meanwhile, 32% of merchants who are increasing their use of cryptocurrencies do so because they think it will help them attract new customers, according to a joint study by PYMNTS Intelligence and BitPay, “Paying With Cryptocurrency: What Consumers and Merchants Expect From Digital.” The answer was yes. currency. ”
