Coinbase has launched the function of instant purchase of cryptocurrencies using Visa debit cards

What’s new? Leading US crypto exchange Coinbase has partnered with payment company Visa to launch a real-time purchase service for purchasing cryptocurrencies using debit cards. Visa customers with eligible debit cards will be able to deposit funds into their Coinbase Global accounts.

Material by Bloomberg

What else is known? For Coinbase, this is not the first connection to customer debit cards, but the new development allows users in the United States and European Union to instantly buy cryptocurrencies or withdraw funds from the exchange to a bank account using a card.

Visa has been actively developing its business in the field of cryptocurrencies. Earlier this month, blockchain team Avalanche announced the launch of its own credit card in collaboration with Visa and fintech company Rain Liquidity. It supports multiple cryptocurrencies, including Avanlanche’s (AVAX) native token and its wrapped version WAVAX, as well as bitcoin, Ethereum and Circle’s USDC stablecoin, and is accepted at all Visa-enabled merchants.

Also earlier this month, Visa launched the Visa Tokenized Asset Platform (VTAP) institutional platform for tokenizing real world assets (RWAs) and testing their use cases. Its first customer was Spain’s second largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), and it tested the issuance, transfer, and redemption of an internal token on a test network. It plans to launch its own stablecoin on VTAP in 2025.

In September, Visa filed trademark applications with Rospatent for money and crypto asset exchanges and transfers using blockchain technology, although it has not operated in Russia since 2022.

At the same time, the Ether.fi restaking protocol launched a non-custodial cryptocurrency credit card called Visa Cash in collaboration with the Scroll blockchain team. It offers a 3% cashback on all transactions.

In July, it was revealed that Web3 payment app Wirex will partner with Visa to launch Wirex Pay, a zero-knowledge proof (ZK) payment network to integrate blockchain technology with the traditional finance sector and conduct transactions in the UK and the European Economic Area (EEA).

As for Coinbase, the exchange is also actively developing. On October 26, its second-layer (L2) Base network, based on the Ethereum blockchain, for the first time became the leader among blockchains in terms of the number of stablecoin transfers per day. Base processed 18,1 billion transactions, 99,9% of which came from USDC, which Coinbase helped create.

Last week, Coinbase launched Based Agent, a tool that allows you to set up your own AI agent with your crypto wallet in less than three minutes. It can perform a variety of on-chain transactions, including trading, swaps, and staking. Earlier this month, Coinbase added support for sending bitcoin to Taproot addresses with enhanced privacy.

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The digital asset sector has often struggled to transition to traditional banking and payment systems due to concerns about market volatility and industry scandals. But cryptocurrency regulation is becoming clearer around the world and could be clarified in the US with a new administration coming in after the November presidential election, easing some of those concerns.

Coinbase is also committed to complying with legislation. For example, in the EEA, it will delist all stablecoins that do not comply with the Markets in Crypto-Assets (MiCA) regulation, which requires issuers to register in at least one EU state, by the end of the year.

Coinbase, however, continues to pursue proceedings with the US Securities and Exchange Commission (SEC). The commission sued the exchange last summer for violating securities laws, although this was preceded by Coinbase’s unsuccessful attempts to get clear comments from the regulator on industry rules.

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Coinbase shares under the ticker COIN are trading at $219,66 on the Nasdaq, having added 1,5% overnight. Monthly growth amounted to 20%, and since the beginning of the year securities have risen by 27%.