Monday, March 8, 2021

International payment giant Visa considers adding crypto to its network.

The Takeaway:

International payment giant Visa is moving towards allowing its cardholders to buy and sell cryptocurrencies in countries where it does not contradict the local legislation.

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According to the Russia Today report, international payment giant Visa is considering allowing its cardholders to buy and sell cryptocurrencies in countries where it does not contradict the local legislation. “The cryptocurrency market can be roughly divided into two segments,” the payment giant said. It has explained that the first segment includes fiat-backed digital currencies, including stablecoins and central bank digital currencies. The second segment includes traditional cryptocurrencies, which, in essence, are assets and are used as an investment tool.

 

Visa is planning to team up with crypto wallets and exchanges to enable users to purchase crypto.

“Our strategy here is to interact with crypto wallets and crypto exchanges to enable users to purchase these currencies using their Visa credentials in countries where it is not contrary to local laws,” Visa said. According to the company, it has partnered with the First Boulevard neobank in the United States, which would allow Visa clients to buy, store and sell digital assets via the Anchorage cryptocurrency bank. As for the first types of cryptocurrencies, the payment firm said they have the innovative potential to be used as a means of payment along with ordinary money. 

 

Mastercard is also planning to explore cryptocurrencies. 

Mastercard is another firm that is getting ready to embrace cryptocurrency, announcing plans to begin allowing cardholders to transact in certain cryptocurrencies. The company is also “actively engaging” with central banks worldwide on their plans to launch new digital currencies, Mastercard said in a blog post on Wednesday. “Mastercard’s plans to integrate crypto payments represents another indicator of the deep structural shifts taking place in our financial infrastructure,” said John Wu, president of Ava Labs. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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