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Crypto Prices Rise; Visa and Coinbase to form partnership

Investing.com - Cryptocurrencies prices rose on Wednesday in Asia. News that Visa (NYSE:V) and Coinbase are forming a partnership to launch a cryptocurrency card received some attention.

According to a Computer World report, the two companies are launching a new “Coinbase card” that would be be linked to the holder’s cryptocurrency wallet, allowing card holders to “spend crypto as effortlessly as the money in their bank.”

The card would also allow for ATM withdrawals, the reports said, noting that it would bypass the traditional time-consuming crypto-to-fiat withdrawal process that often takes over 24 hours to complete.

“Customers can use their card in millions of locations around the world, making payments through contactless chip and PIN. When customers use their Coinbase Card, we instantly convert crypto to fiat currency,” wrote Coinbase UK CEO Zeeshan Feroze in a Medium post.

On Wednesday, Bitcoin gained 2.7% to $5,188.6 by 1:53 AM ET (05:53 GMT). Ethereum traded 2% higher to $165.41, XRP edged up 0.8% to $0.32176 and Litecoin was up 1.8% to $79.639.

In other news, Binance, a major cryptocurrency exchange, reported $78 million in profits in the first quarter this year, up 66% quarter-on-quarter, according to news outlet “The Block.” The article also said that in the fourth quarter in 2018, the company received about $47 million in net profit.

Binance Coin is currently the seventh-biggest cryptocurrency by market cap.

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