Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.
Visa stated that digital currencies could help in offering better services and expansion of the networks that would support modern forms of trade and exchange.
Visa Inc (NYSE: V) is a renowned technologically based payments company that is committed to delivering the best values to individuals to customers all over the world. Its services are not hindered by differences in currency, channel or form. It is contributing immensely to reshaping how money is moved worldwide. Visa recently announced research partnerships supporting different technological advancements such as the ones in digital assets.
A recent release by the company stated that digital currencies help them offer better services as regards expanding networks to support modern forms of trade and exchange.
Stablecoin Interests Visa
Digital currencies are controlled by private keys. The premier coin Bitcoin has been in existence for more than 10 years. Bitcoin and other virtual currencies known as altcoins are volatile so prices are unpredictable. Recently, fiat-backed digital currencies, commonly known as “stablecoins” have emerged as a payment method that is not only advantageous as digital currencies but also safe and stable like government controlled fiat like the USD.
Digital currencies are increasingly adopted. It is a concept that is gaining popularity with individuals, businesses and corporations seeking ways to enter the market. The current circulation has exceeded $10 billion.
The Visa team stated that one of the partnerships it entered into is with Coinbase, a licensed and regulated digital currency exchange.
The announcement reads:
“We are working earnestly to link our current worldwide network of 61 million merchants to the world of digital currencies.”
More Collaborations within Crypto Space
Over 25 digital currency wallets have linked their services to Visa, providing users with an easy and reliable method of paying with their digital currency using a Visa debit or prepaid credential anywhere Visa is accepted.
This is a testimony to the innovative role that Visa has played in the industry. Its services include Visa Direct, a service that helps consumers easily change digital currencies and send through their Visa platforms. This is made much easier by Visa’s Fast Track program which helps fintechs and other users of digital currencies work with the company’s network.
According to the report seen on the company’s website, its services have made Visa the choice network for digital currency wallets that need to offer better services to their users. Such services include quick and easy transfers and payments using digital currencies everywhere around the globe.
Visa Invests in Digital Assets Space
Visa has been active in investments in the digital currency space. In 2019, it invested in Anchorage, a company that provides security for the digital currency space. Its research personnel has also been able to develop promising innovations such as Zether and FlyClient as a result of several years of dedicated and unrelenting work. Recently, they are working on new systems to help improve scalability and ensure users can access the network without the internet.
The major concerns of regulatory bodies about digital currencies are the protection of consumer rights and the dependability of payments. To address these issues, we are working hand-in-hand with leading companies and the public sector. For over six decades, Visa has invested in developing and maintaining a reliable global network that promises and delivers excellent services to clients and users. To keep this incredible legacy the company will continue to partner leading forms to research.
Visa worked with the World Economic Forum to provide a set of policy recommendations for Central Banks that are willing to create Central Bank digital currency (CBDC).
It stated that as reliable products and research teams continue to develop better services for the digital currencies space.