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Visa has launched a money movement partnership with cryptocurrency exchange Coinbase.
The collaboration connects Coinbase to the Visa Direct network, letting the exchange’s customers deposit funds into their accounts via eligible Visa debit cards, according to a Tuesday (Oct. 29) news release.
“Bringing this feature to our customers supports our mission of increasing economic freedom in the world,” Akash Shah, senior director, product management at Coinbase, said in the release.
“The integration with Visa Direct gives our eligible customers real-time access to their funds for trading. By enabling them to move money seamlessly and control their finances, we are delivering the trust, security, and flexibility they expect.”
According to the release, Coinbase already has millions of users with a debit card connected to their account. This new feature allows for real-time delivery of account funds, giving them more opportunities to take advantage of trading opportunities.
Users can use the service to transfer funds to their Coinbase accounts, purchase crypto on Coinbase, and cash out funds from Coinbase to a bank account, all using an eligible Visa debit card, the companies added.
The partnership follows Coinbase’s announcement earlier this month that it was expanding the ways businesses can pay using the Coinbase Prime brokerage platform.
“An increasing number of Fortune 500 companies are approaching Coinbase to explore crypto payments,” Coinbase Director of Institutional Sales Steven Capozza said in a news release. “Many are quickly moving from proof-of-concept exploration to full adoption.”
The company argues that stablecoins can make B2B payments and treasury management faster, cheaper and more efficient as they settle instantly, including across borders. In addition, they offer rewards to holders, boosting workflows for companies and their vendors.
And both these things are happening at a moment when various players in the crypto world are seeking “greater utility — and recognition — across the financial services ecosystem,” as PYMNTS wrote earlier this month.
For example, Stripe recently began permitting its U.S. merchants to receive the Circle-issued USDC through their online checkout pages.
And research from PYMNTS Intelligence has shown that 77% of merchants that accept crypto payments said they did so because of lower transaction processing fees relative to other payment methods. Meanwhile, 32% of merchants that were increasing their usage of crypto said they were doing so because they thought it could help them attract new customers, according to the PYMNTS Intelligence and BitPay collaboration, “Paying With Cryptocurrency: What Consumers and Merchants Expect From Digital Currencies.”
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