In an announcement on Oct. 29, international credit giant Visa unveiled the partnership enabling real-time money movement between traditional banking and crypto services using the Visa Direct network.
“This partnership adds convenience and new services for Coinbase customers across the US and EU, including real-time, reliable, and secure money movement,” it stated.
Visa’s head of crypto, Cuy Sheffield, commented on the collaboration on Oct. 30.
Excited for Visa to partner with @coinbase to help them utilize Visa Direct to fund Coinbase accounts and enable real time cash outs https://t.co/aA9l6ZvwHm
— Cuy Sheffield (@cuysheffield) October 30, 2024
Day and Night Trading
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 offers quick and secure money movements, further bridging the gap between traditional finance and blockchain technologies and helping to minimize waiting periods for fund availability.
Head of Visa Direct for North America, Yanilsa Gonzalez Ore, commented that “Coinbase users with an eligible Visa debit card know that they can take advantage of trading opportunities day and night.”
Meanwhile, Senior Director of Product Management at Coinbase, Akash Shah, added, “Bringing this feature to our customers supports our mission of increasing economic freedom in the world.”
Collaboration between the two companies goes back to 2020 when Visa approved Coinbase as a “principal member” to improve customer experiences. The latest development expands on their existing relationship, which includes the Coinbase Visa debit card for US customers.
The crypto industry has often struggled to tap traditional banking and payment rails due to concerns over market volatility and industry scandals such as the high-profile collapses in 2022. However, as crypto regulations become clearer across the globe, some of those challenges could be eased.
Additionally, crypto regulations “could be firmed up in the US by the next administration,” reported Bloomberg. Coinbase is among many crypto firms that have spent millions influencing the presidential election through donations to super PACs (political action committees.)
Coinbase Earnings Imminent
Coinbase Global is slated to report third-quarter earnings on Wednesday, Oct. 30. Analysts expect the firm to report earnings of 45 cents per share, up from 14 cents a share in the second quarter, according to reports.
They also expect that trading on the platform for Q3 has been stagnant as markets have remained sideways for most of the quarter.
Company stock (COIN) was up 1.65% on the day to react $221 during after-hours trading, according to Google Finance. Coinbase shares have made 40% year-to-date but remain down 35% from their November 2021 peak, which coincided with the last crypto bull market high.
