- VISA is getting ready to launch its own bitcoin wallet.
- With cryptocurrency startups, Visa has established a number of significant collaborations.
- Visa also invested $150,000 to purchase a CryptoPunk in August 2021.
Payments giant Visa has formally begun its steps to finally develop its own bitcoin wallet. This comes after the financial behemoth made a number of recent trademark applications hinting at a larger move into crypto markets.
Visa has forged several big partnerships with cryptocurrency companies over the course of the last year or so. The most recent was Blockchain.com’s introduction of a bitcoin debit card this past week.
Cuy Sheffield, then-head Visa’s of cryptocurrency, said that sustained expansion in the use of cryptocurrencies required universal permission. Additionally, Last year, Visa partnered with as many as 60 leading crypto companies including Coinbase, Binance, and Crypto.com.
The move was to accelerate card programs to boost crypto adoption worldwide. Also last year, Visa CEO Charles Scharf said that the firm is open to accepting Bitcoin if there is enough customer demand.
The credit card business announced its intention to start a trial program enabling its partners to settle fiat transactions using USD Coin. the corporation also invested $150,000 to purchase a CryptoPunk in August 2021. This is an effort to gain a “first-hand understanding of the infrastructure required for a multinational brand to purchase, store, and exploit an NFT.
In conclusion, Sam Bankman-Fried, CEO of FTX, acknowledged some irony in these alliances. Bitcoin and other cryptocurrencies were initially created to avoid banks and middlemen.
Nevertheless, as cryptocurrencies gain popularity and support the growth of the payment industry, banks and payment providers are suddenly embracing the technology.
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