Visa partners with Coinbase to enable real-time cash withdrawals

In an announcement on October 29, international credit giant Visa unveiled the partnership that enables real-time money movement between traditional banking and crypto services through the Visa Direct network.

“This partnership adds convenience and new services for Coinbase customers in the US and EU, including real-time, reliable and secure money movement,” he said.

Visa’s head of crypto, Cuy Sheffield, commented on the partnership on October 30.

Excited for Visa to collaborate @coinbase to help them use Visa Direct to fund Coinbase accounts and enable real-time cash payments https://t.co/aA9l6ZvwHm

— Cuy Sheffield (@cuysheffield) October 30, 2024

Day and night trade

Customers of the exchange will be able to deposit funds into their Coinbase accounts in real time using eligible Visa debit cards, the announcement added.

The Visa Direct network provides fast and secure money movements, further bridging the gap between traditional financial technologies and blockchain and helping to minimize waiting periods for the availability of funds.

Head of Visa Direct for North America, Yanilsa Gonzalez Ore, commented that “Coinbase users with an eligible Visa debit card know they can take advantage of trading opportunities day and night.”

Meanwhile, Coinbase’s Senior Director of Product Management, Akash Shah, added: “Offering this feature to our customers supports our mission to increase economic freedom in the world.”

The collaboration between the two companies dates back to 2020 when Visa approved Coinbase as a “core member” to improve customer experiences. The latest development expands its existing relationship, which includes the Coinbase Visa Debit Card for US customers.

The crypto industry has often struggled to leverage traditional banking and payment channels due to concerns about market volatility and industry scandals, such as high-profile collapses in 2022. However, in as crypto regulations become clearer around the world, some of these challenges could be alleviated. .

Additionally, crypto regulations “could be strengthened in the US by the next administration,” Bloomberg reported. Coinbase is one of many crypto companies that have spent millions to influence the presidential election through donations to super PACs (political action committees).

Coinbase Earnings Imminent

Coinbase Global is scheduled to report third quarter earnings on Wednesday, October 30th. According to reports, analysts expect the company to report earnings of 45 cents per share, up from 14 cents per share in the second quarter.

They also expect third-quarter platform trading to have stalled, as markets have been sideways for most of the quarter.

Shares of the company ( COIN ) rose 1.65% on the day to react at $221 in after-hours trading, according to Google Finance. Coinbase shares are up 40% year-to-date, but remain 35% below their November 2021 peak, which coincided with the crypto bull market’s last peak.

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