Visa has announced the launch of a new card program. The head of Visa crypto announced partnerships with close to 60 crypto companies.
Having partnered with nearly 60 crypto platforms, especially leading cryptocurrency exchanges such as Binance, Coinbase (NASDAQ:COIN), FTX, Crypto.com, Visa has launched its card program that has the potential to greatly increase the adoption of cryptocurrencies.
Saying that they have signed close to 60 partnerships, Visa crypto president Cuy Sheffield talked about Visa's extensive work for the crypto industry. Sheffield said that over the past 1.5 years, they have grown from a few employees in the crypto space to now hundreds.
Businesses can accept cryptocurrency payments directly, thanks to debit cards linked to the cryptocurrency system launched by Visa. Cryptocurrency shopping has become extremely easy in jurisdictions where crypto payments are not prohibited. So much so that at the payment stage, the conversion of cryptocurrencies to fiat money takes place instantly, and the payment process can be as fast as a normal card payment.
In addition to crypto payment and conversion services, Visa recently announced that they aim to provide crypto consultancy services to its users. Visa crypto chief said in a statement that the payments company has begun offering crypto advisory services in markets where authorities allow such transactions.
In the final phase of its crypto-backed card program, Visa wants to build a bridge service with its worldwide network of more than 15,000 financial institutions at 80 million merchant locations.
Financial services giant Visa has acquired Currencycloud, which provides an interface for business-to-business cross-border payments and currency exchange transactions. Currencycloud has been partnering with Ripple since August 2020.
Visa believes that in the future, digital assets will play a much larger role in everyday payments. For this reason, the payment giant has taken serious steps to add crypto services to its services in the last few months.