US-listed cryptocurrency exchange Coinbase has rolled out real-time account funding for customers in the US and Europe amid a frenzied market that has seen an increase in trading activity in recent days.
The integration with Visa Direct will allow Coinbase users with eligible debit cards to deposit funds into their Coinbase accounts in real time, eliminating traditional transfer delays, Visa said in a statement on Tuesday.
This comes after the price of Bitcoin, the world’s largest cryptocurrency by market capitalization, soared to a March high near $73,700 on Tuesday. Exchanges like Coinbase collect revenue from people looking to speculate in its asset class, and typically earn higher fees due to rising cryptocurrency prices.
With millions of users already using debit cards linked to their Coinbase accounts, the new features will make it easier for users to take advantage of trading opportunities, the companies said.
“Providing real-time account funding using Visa Direct and eligible Visa debit cards means that Coinbase users with eligible Visa debit cards will know they can take advantage of trading opportunities day or night. ” said Yanilsa González Ole, head of Visa Direct. North America said in a statement:
In addition to real-time deposits, users can purchase cryptocurrencies directly with their Visa debit card and withdraw funds to their bank account without delay.
This new service complements Coinbase’s existing Visa debit card, which is available to U.S. customers. Coinbase launched the card in October 2020, allowing users to use Bitcoin and other cryptocurrencies for purchases online and in stores, as well as exchange cryptocurrencies for cash at ATMs.
The integration with Visa Direct comes just two weeks after Coinbase discontinued its Paycheck Direct Deposit service, which previously allowed users to pay part or all of their paychecks in cryptocurrencies.
Despite a flurry of complaints from users over the abrupt end of the feature, the exchange said at the time that it looked forward to “bringing back a better retail direct deposit experience in the future.”
Edited by Sebastian Sinclair
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