Even though millions of users already use debit cards to access their Coinbase accounts, Visa debit card holders can now make transfers almost instantly, something that wasn’t previously possible.
Real-time cryptocurrency transfers through compatible Visa debit cards are now possible thanks to a partnership between Coinbase and Visa. Customers in the US and the EU are eligible for the new feature.
The two companies announced on Tuesday that customers of payments behemoth Visa (V) can now link their qualified debit card to their Coinbase (COIN) accounts and make deposits, sometimes instantly.
According to the press release, the feature is available to users who reside in the United States or the European Union.
Market Impact and the Regulatory Environment
Particularly in the European Union, where the Markets in Crypto-Assets Regulation (MiCA) was implemented earlier this year, the new feature is in line with changing regulatory frameworks. For cryptocurrency service providers like Coinbase, MiCA provides more precise guidelines that support their operations in the region with improved legal certainty.
Large cryptocurrency companies, like as Coinbase, have made significant investments to sway election results in the United States in an effort to create laws that will benefit them. Regardless of the outcome of the election, many industry observers believe that Congress or the future administration would likely address crypto legislation.
Additionally, they will be able to use the Visa debit card to buy or sell cryptocurrencies directly on the exchange, making it much simpler for those who are not familiar with cryptocurrency to invest in the asset class.
The Visa debit card will enable real-time transfers, even though millions of users currently use debit cards to access their Coinbase accounts.
Yanilsa Gonzalez Ore, Head of Visa Direct, North America for Visa, stated, “We are excited to be partnering with Coinbase to help service their customers’ money movement needs.” Eligible Visa debit cardholders can “take advantage of trading opportunities day and night” thanks to this feature.
Bridging the gap between tech-savvy crypto offerings and traditional financial services is one of the challenges the cryptocurrency industry has faced, which frequently makes it difficult for regular users to benefit from potential innovations.
Visa’s Enhanced Cryptocurrency Products
Visa recently announced a similar agreement with fintech business FV Bank on October 28th, further extending its position in the cryptocurrency market. This arrangement reflects Visa’s continued commitment to include digital assets into its global network by supporting FV Bank’s debit card, which permits funding with cash or cryptocurrency.
Companies now have a better understanding of what they can and cannot do in the EU thanks to clearer regulations, such as the Markets in Crypto-Assets Act (MiCA), which was adopted earlier this year. This could encourage more expansions to the region at the expense of the US.
