Visa Announces Support for Cryptocurrencies

Visa Announces Support for Cryptocurrencies

by July 27, 2020

Visa has indicated its plan to turn its focus onto cryptocurrencies in a blog post titled “Advancing our approach to digital currency”. This push into cryptocurrencies is due to its belief that “digital currencies have the potential to extend the value of digital payments to a greater number of people and places”.

This news follows Mastercard’s recent announcement of a program that accelerates the issuance of payments cards for crypto firms, in this program they also announced that Wirex was the first partner onboarded.

Visa has been working closely with licensed and regulated digital currency platforms like Coinbase and Fold to provide a bridge between digital currencies and their existing global network of 61 million merchants.

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In addition to that, Visa had invested in Anchorage, a company building security infrastructure for the digital currency ecosystem as well as conducting relevant research for the past few years now.

Visa explains that much of this work is happening through its FastTrack program, which helps fintechs, including those in the digital currency space, integrate quickly with Visa’s global network.

Noting ongoing regulatory concerns, Visa has been engaging with policy makers and global organisations to help shape the dialogue and understanding of digital currencies. It worked with the World Economic Forum and collaborated on a set of policy recommendations for central banks exploring the concept of Central Bank Digital Currency (CBDC).

The post also outlines its 3-pronged digital currency strategy where it will “focus on data protection, consumer privacy and fairness, and full compliance with all applicable laws”.

It also states that it will remain “currency- and network-agnostic” by supporting the digital currencies and blockchain networks in demand ensuring that it is in “alignment with Visa’s core capabilities”.

Featured image credit: VISA