VISA reveals plans to offer Bitcoin, Ethereum and Ripple payments
The payment giant VISA publishes a road map that will facilitate the creation of a bridge between the payment network and cryptocurrencies such as Bitcoin, Etherum.
In its publication, VISA acknowledges that the emergence of Bitcoin and stablecoins such as Tether is a form of financial innovation that has benefited consumers and merchants.
The payment company says it is working with regulated entities including Coinbase and Fold to create a bridge between digital currencies and the payment network. As a result, 25 crypto wallets are already linked to the services offered by VISA. In this way, users of these services can use their cryptocurrency funds to spend using VISA or prepaid cards. Cryptocurrency users using these services can start using Visa Direct. This product enables consumers to make faster payments with cryptocurrencies that can be added to their credentials in real time. In addition, Visa underlined the importance of its FastTrack program to expand cooperation with entities related to the crypto space. A Visa spokesperson says: “Through these efforts, Visa has become the network of choice for digital currency wallets that are eager to add value to users by making it faster and easier to spend digital currency around the world.”
The next step and an important element of its expansion into crypto payments is the investment in Anchorage. This investment aims to create a secure infrastructure for the cryptocurrency ecosystem. In this regard, Visa also revealed other developments of great importance to the cryptocurrency industry: “Our research team has been studying the science of blockchain technology for several years.” The work resulted in several promising innovations, including Zether and FlyClient. Today, research is focused on new mechanisms to improve scalability and enable offline digital currency transactions.
VISA works with regulators to promote the adoption of cryptocurrencies.
One significant obstacle to VISA's roadmap is the political bias of regulators and other government entities. Arguing that it is about protecting consumers and preventing money laundering, governments such as the United States have strict policies towards Bitcoin and the cryptocurrency market.
On this issue, VISA said it was working with legislators and global organizations to "shape dialogue and understanding" of cryptocurrencies. The company mentioned working with the World Economic Forum to make recommendations that central banks can consider when creating a digital currency (CBDC). A VISA spokesperson concludes: “We believe digital currencies have the potential to add value to digital payments for more people and places. As such, we want to help shape and support the role that money will play in the future.”