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.)