In a significant development for cryptocurrency investors, Visa has announced a partnership with Coinbase that promises to reshape the landscape of digital asset trading. This collaboration enables Visa debit card holders to deposit funds directly into their Coinbase accounts almost instantly, facilitating real-time crypto purchases and enhancing trading opportunities.
Revolutionizing Crypto Payments
The Visa-Coinbase partnership will provide users with round-the-clock access to trading opportunities, effectively overcoming traditional payment barriers that have hindered the digital assets industry. For an extended period, cryptocurrency transactions have faced challenges with conventional banking and payment systems, largely due to regulatory uncertainties and market volatility.
Alongside Visa, Coinbase has been working to enhance its real-time payment capabilities for customers in both the U.S. and Europe. The company will utilize its existing debit card infrastructure to streamline fund transfers. Furthermore, Visa has been expanding its crypto payment services globally, partnering with various players, including Singapore’s dtcpay.
While Visa has previously supported the Coinbase debit card, this new collaboration allows all Visa debit cardholders to make immediate crypto purchases and transfer funds directly to their bank accounts. Yanilsa Gonzalez Ore, head of Visa Direct for North America, emphasized that this advancement enables customers to capitalize on trading opportunities at any time.
Exploring New Markets
In addition to the Coinbase partnership, Visa is actively exploring opportunities within the stablecoin and asset tokenization markets. Last month, it collaborated with Spanish banking giant BBVA to launch the Visa Tokenized Asset Platform (VTAP), designed to facilitate the issuance and experimentation of fiat-pegged stablecoins.
Anticipating Earnings Reports
Coinbase is set to report its third-quarter earnings later today, with analysts projecting an earnings per share (EPS) of $0.41 and $1.25 billion in revenue. This announcement coincides with Bitcoin’s upward momentum as it seeks to establish new all-time highs.
The stock of Coinbase (COIN) has mirrored Bitcoin’s rally this year, rising 40% year-to-date. Despite this recovery, it remains about 30% below its initial public offering levels from 2021. However, the resurgence from a low of $35 in December 2022 suggests a positive trajectory. Should the broader crypto market continue to thrive, COIN stock may approach its previous all-time highs within the next year.
In recent developments, Coinbase has also engaged in regulatory battles with the U.S. Securities and Exchange Commission (SEC). In a statement on Tuesday, CEO Brian Armstrong urged the next SEC chair to apologize to the American public and withdraw all “frivolous cases.” He noted that while such actions may not rectify the damage done to the country, they could initiate the process of restoring trust in the SEC as a regulatory institution.
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