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Visa Plans to Make Crypto Services Available to Traditional Banks in Brazil

UTC by Kofi Ansah · 3 min read
Visa Plans to Make Crypto Services Available to Traditional Banks in Brazil
Photo: Depositphotos

Head of crypto at Visa Cuy Sheffield stated that NFTs will play an “important role” in the future of retail, social media commerce, and entertainment.

Visa Inc (NYSE: V) has announced plans to convey cryptocurrency providers to conventional banking platforms in Brazil. Visa vice chairman of recent business in Brazil, Eduardo Abreu, speaking after the announcement stated that the company has plans to develop purposes (APIs) to combine conventional banks with cryptographic merchandise and will make cryptocurrency investments and ETFs inside banking platforms available with no intermediates or third parties.

The payment giants also revealed that it is currently working with a couple of cryptocurrency corporations in the South American country including Zro Bank, Rippio, and Alterbank, to introduce cryptocurrency fee playing cards to the market with a rumored direct integration of Bitcoin in funds to facilitate the fees. Zro Bank, Alterbank, and Rippio are reportedly the only corporations that can permit their customers to join these financial institution accounts. Visa however didn’t comment on doable ETA for these developments.

The payment giants also stated that they are going to begin testing direct Bitcoin funds in the nation as they intend to make immediate Bitcoin transactions to different accounts viable. Visa’s proposed plans will be totally different from the normal crypto playing cards as there has to be an intermediate or middleman that exchanges Bitcoin for fiat money on the go.

Visa again announced that they are working on a B2B (business-to-business) oriented blockchain that can permit fee settlement amongst corporations utilizing good contracts. Abreu told reporters that, the system was already in testing phases with a few of the company’s clients, and that Visa would have extra bulletins in this regard in the long run. “This system would improve transparency in funds amongst suppliers and suppliers, permitting everybody with entry to the system to confirm funds and deposits,” he stated.

Abreu touched on the growing NFT market, stating that there was an NFT initiative in the works for the company in Brazil. Visa has already joined the NFT community as the company earlier last month, purchased a CryptoPunk, one of the thousands of NFT-based digital avatars on the Ethereum community, for $165,000 in ether.

Head of crypto at Visa, Cuy Sheffield, in a blog post after the NFT purchase stated that NFTs will play an “important role” in the future of retail, social media commerce, and entertainment.

“To help our clients and partners participate, we need a firsthand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT,” he stated, before revealing that Anchorage, a federally-chartered digital asset bank, facilitated the purchase.

Sheffield added that CryptoPunks has become a “cultural icon for the crypto community,” describing the company’s purchase as ‘jumping in feet first.

Cryptocurrency news, News
Kofi Ansah
Author Kofi Ansah

Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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