Global financial services giant Visa is no stranger to the world of cryptocurrency, having partnered with regulated platforms and wallets such as Coinbase and Fold. However, the company made it clear today that crypto and blockchain will be an increasingly large part of its future.
In a blog post titled “Advancing our approach to digital currency,” Visa today outlined some of the ways in which it has already played in the crypto space, noting the aforementioned companies amongst more than 25 firms to date that have linked their wallet products to Visa. Such efforts bridge the gap between cryptocurrencies and Visa’s 61 million global merchants.
Visa also called out last year’s investment in Anchorage, a digital currency infrastructure security startup, along with the work of Visa’s own internal research team that has been involved in blockchain efforts for years now.
What’s most interesting about the post, however, is the philosophy that Visa has established towards its future work in crypto and blockchain. Visa notes that it will remain agnostic in regards to currencies and networks while continuing to focus on aspects like technology and security, and “support the digital currencies and blockchain networks that our clients and partners demand.”
Visa will also continue to help educate policymakers and organizations about the benefits of cryptocurrency and blockchain technology, having already worked with the World Economic Forum on policy recommendations regarding Central Bank Digital Currency (CBDC).
.@Visa outlines their approach to advancing digital currency. They have a focus on #stablecoins and #CBDC. And are working with licensed digital currency platforms to provide a bridge between digital currencies and their global network of 61 mil merchants.https://t.co/wBY5WelBDg
— Perianne Boring (@PerianneDC) July 22, 2020
“We know that policy leaders and regulators continue to have questions and concerns about digital currencies on a range of issues, from consumer protection to payments resilience,” the post reads. “We believe the best way to address these concerns is by working closely with leading companies and the public sector.”
“For more than 60 years, Visa has invested in building and maintaining a resilient global network that delivers best in class functionality to our clients and consumers,” the post continues. “Extending this legacy into the decades ahead requires continuous innovation and collaboration with a range of partners.”
We’ve been working with @Visa for a while now at @fold_app and I’ve been blown away by the awareness and commitment to bitcoin and digital currency at all levels of the organization. https://t.co/lyemMCYoSL
— Will Reeves (@wlrvs) July 22, 2020
Will Reeves, founder and CEO of the aforementioned Fold wallet, has worked closely with Visa, including partnering with the company in April for a crypto cashback card. He suggests that Visa’s post today isn’t bluster.
“We’ve been working with Visa for a while now at Fold and I’ve been blown away by the awareness and commitment to Bitcoin and digital currency at all levels of the organization,” he tweeted today, alongside the link to the post.