In a world where technology evolves every day, the key to survival is rapid adoption to an ever-changing environment. Visa is no exception to adoption. By partnering with crypto companies, Visa is reshaping how money moves across the globe. Digital currencies are an exciting avenue allowing exploration of new forms of commerce.
VISA states on its official website,
“As a global payments technology company, Visa focuses on delivering the greatest value to people, businesses and economies everywhere, regardless of currency, channel or form factor.”
By taking rigorous steps, VISA is getting closer to connecting digital currencies to its global electronic payments network. Ultimately, this would prepare them for a financial future where digital assets exist alongside fiat or digital fiat currency.
Around 54 crypto companies have partnered with Visa to allow clients to spend and convert digital currencies through its card program. The progress is happening thanks to Visa’s FastTrack program which is integrating fintech companies within the Visa network.
Visa has worked closely with licensed and regulated digital currency platforms such as Coinbase and Fold to build a bridge between digital currencies and the existing global network of 61 million merchants. This summer, the firm launched two more products: a crypto rewards credit card together with BlockFi, and a debit card with significant crypto exchange FTX which just raised a record $900 million at an $18 billion valuation.
More than 25 digital currency wallets across the globe have also linked their services to Visa. This gives users a quick way to spend their digital currency using a Visa debit or prepaid credential wherever Visa is accepted.
Because of these efforts, Visa has become the preferred network for digital currency wallets. Companies are thus becoming even more eager to create a value to spend digital currency worldwide.
Source: Market Watch