Very few people seem to be aware of how the USAA Bank actively supports Coinbase integration. In most cases, banks want nothing to do with bitcoin or any related services. USAA has proven to be quite different in this regard, as they enabled bitcoin functionality due to overwhelming demand from their clients. An intriguing concept that could set a precedent for other banks around the world.
USAA And The Coinbase Bitcoin Wallet Option
To put this into perspective, USAA is not your traditional bank by any means. The institution serves military members and their families only, which means the average consumer will not gain access to their services anytime soon. It is perhaps this reason that allows USAA to be quite open-minded when it comes to alternative finance, including bitcoin.Quite some time ago, the bank added a new feature to link a non-USAA account, which includes linking to an existing Coinbase bitcoin wallet.
Through the Coinbase Connect feature, USAA members can see their Coinbase wallet balance on the bank’s website and mobile application. This makes it a lot easier for some users determine the value of their bitcoin wallet at all times, without having to rely on another proprietary app or website. It is more of a convenience factor, yet it gives USAA a significant advantage over other financial institutions.
Unfortunately, this does not mean it is possible to buy bitcoin from a USAA account through the app itself directly. This is merely a “tracker” function that allows users to keep an eye on the value of their wallet account. It is not unlikely this feature may be expanded din terms of functionality over the next few years, but for now, it remains more of a convenient balance tracking feature It would be nice to see other banks – including those outside of the US – to integrate a similar feature in the future.
While most people may not see the added value of this feature, it is quite an intriguing development that deserves a lot more attention. This goes to show financial institutions should never be narrow-minded when it comes to alternative financial solutions, especially when bitcoin is involved. Whether or not such a feature will bring more users to the bitcoin ecosystem, remains to be seen.
For a feature that has seemingly been around for some time, a lot of people remain blissfully unaware it even exists. Bitcoin community members will be well aware of this development taking place a while ago, but that doesn’t mean the average USAA user knows it’s there. All things considered, features like these deserve a lot more attention, regardless of how old they are. A top 5 US bank integrating a Bitcoin wallet tracking option is quite significant, that much is certain.
Header image courtesy of Shutterstock