Jeff Fawkes is a seasoned investment professional and a crypto analyst covering the blockchain space. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
Visa payment processor adds Coinbase, one of the leading cryptocurrency exchanges, to its large list of friends. Can it be viewed as a good sign for law-abiding cryptocurrency business?
This is a huge accomplishment for the cryptocurrency industry and a boost towards adoption. Per the official announcement by Coinbase, they have received a membership status from Visa. This is a step towards wider recognition of crypto businesses as the clean ones. At the same time, Coinbase customers will have more opportunities to spend cryptocurrencies and cash both online and offline.
Back in 2019, Visa and Coinbase launched a prepaid debit card service in Great Britain. The UK citizens were able to order a Coinbase Card that looks just like the usual Visa card. Over half of all the users signed up for the card are keeping up with the service. And the clients’ online logins keep incoming from countries like Italy, Spain, and France, peaking in Great Britain. After the changes that Brexit brings on the trading map of Europe, cryptocurrency becomes a viable solution for many.
First Crypto Company Receives Visa Appreciation
Looks like Visa masters have a certain vision on how the crypto market should operate. Because, since the Bitcoin’s inception, Coinbase has become the only crypto-related business added to the Chosen One’s list.
There are benefits of being a member of Visa’s closed circle of friends. They range from the addition of small features to the bigger developments. Cryptocurrency is something new and unexplored in terms of what you can achieve in life. It can help gain loyal clients via bonus programs and even the online art quests of sophisticated touch. Per the official announce:
“Today’s announcement is another significant milestone in the mainstream adoption of crypto as a genuine utility. We will continue to build on this relationship with further initiatives that make interacting with crypto as seamless as possible for our customers.”
Coinbase considers that a hefty of almost impossible things will happen to Bitcoin in the 2020s. Brian Armstrong, CEO Coinbase, thinks that cryptocurrency will have much chance to prove it’s longtime usefulness and lawful utility in poor countries first.
Over a Decade Coinbase Will Boost Up Adoption
Brian proclaims that the adoption wave will start somewhere in the peripheral zone. This means poor countries and first of all – Africa. Then, according to Armstrong, crypto adoption will rise in developed countries. Per Brian:
“In short, I think over the next decade we’ll see a blockchain, that is both more scalable and includes privacy features, reach about 1B users by the end of the decade (up from about 50M at the start of the decade).”
Interestingly, ‘white people’ begin understanding that cryptocurrency is one of the easiest ways to indeed help Africans. The majority of classic charity ‘funds’ gathering money for Africa takes 30 to 90 percent of donations to cover the ‘money delivery costs’ and ‘rent’.
With the useful cryptocurrency infrastructure, all that the average African village needs to receive donations are an Internet connection and local fiat to crypto exchange. In some regions, where people are so poor they don’t have the Internet, Africans could use ‘paper wallets’ as bills. If some have the Internet but don’t have local fiat to crypto exchange (or the fiat system itself), they could transact directly.
By the time of extreme adoption, it will be companies like Coinbase helping out the poor ones together with Visa. Not the traditional banks with their royal fees. Coinbase and Visa already allow people to use the Card in over 29 countries. All with more than 10 cryptocurrencies available to top up the card.