Coinbase Partnering With Visa
Last updated on November 1st, 2022 at 01:56 am
Several global companies are seriously preparing for the shift to monetary digitalization that will happen very soon. Visa, the multinational payment juggernaut, has also joined the race to set up its digital channels and partner with other companies.
The global payment platform recently announced its intentions to collaborate with top cryptocurrency exchanges like Coinbase to provide easy ways to spend from crypto wallets. The payment platform said it wants to bridge the gap between digital currencies and the firm’s existing global network of 61 million merchants.
Visa has been in the news lately for its efforts to tap into the opportunities that digital currencies can bring to its business. A few weeks ago, the payment platform applied for a patient with the US Patent and Trademark Office. The patent was for digital currency on a blockchain technology possibly with the ETH protocol.
The patent application revealed two reasons: first, based on the filing, is to show “the removal of physical currency from circulation in a fiat currency system.” The other reason is to provide a public key which will be linked with a digital wallet.
With this arrangement, Visa could be cementing its position as a major global partner as the world’s financial system gradually shifts to monetary digitization.
Partnership Will Improve Crypto Adoption
San Francisco-based cryptocurrency exchange Coinbase revealed that it was proud to be part of this major partnership that would improve the adoption of digital currency. As one of the largest crypto exchanges in the world, Coinbase is known for its regulation-based methods.
The company said it’s delighted to partner with innovative companies like Visa in the quest to bridge the gap between traditional finance and cryptocurrency. Coinbase further stated that it’s looking forward to the commitment to work with other stakeholders in the industry and the chance to link the digital currency to a global audience.
The crypto exchange says the collaboration provides a ripe environment for connecting crypto to its global network while bringing together stakeholders within the crypto and traditional space.
Visa’s Approach To Digital Currency
Performing more than 25,000 transactions per second and valued at $420 Billion, Visa set its approach to crypto adoption last week in a blog post. The company sees digital assets as the center of its strategy to move into the new digital market and achieve financial inclusivity all over the world.
Visa stated that more than 25 digital currency wallets are presently associated with the Visa network. According to the firm, it wants to give “users an easy way to spend from their digital currency balance using a Visa debit or prepaid credential.”
Apart from this partnership, there are other areas of related developments the firm is pursuing at the moment. The most notable is the Visa Direct innovation, which is Visa’s instant fiat-to-crypto which quickly bridges users’ digital currency and includes them in their visa credentials.
The company reiterated that the idea is to make Visa ready for optimal digital currency adoption. It also wants to accommodate its users who are currently dealing with digital currencies as well as others in the future.
Visa also pointed out that it is currently working with regulatory organizations and policymakers to educate companies on the importance of digital currencies, as it sees stablecoins playing a big part in the future. Read our latest post about how the majority of stablecoins are controlled by only a few accounts here.
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