Payment giant VISA is considered the biggest fintech service provider in the world. It is working with thousands of banks and financial services around the globe. It is estimated that VISA clients are present in more than 200 countries with a collective strength of 3.3 billion. A few months ago, VISA decided to debut cryptocurrencies staking and integrated crypto trading with its website.
Now the fintech giant is aiming to launch a dedicated cryptocurrency ecosystem. The vision of the new ecosystem is to make crypto trading easier and more accessible. The Chief Financial Officer at VISA, Vasant Prabhu, told CNBC that the Financial services facilitator wants to introduce a higher concentration of clients on the crypto platform.
According to Prabhu, more and more people are taking an interest in cryptocurrencies. He told CNBC reporters that VISA data shows that investors are using predominantly cryptocurrencies to buy everyday articles. Earlier statements from the VISA executives revealed that the company has decided to move into the crypto space to become compliant with the latest technology.
The statistics from VISA showcase that in a matter of 6 months, around $1 billion transaction volume was registered with digital assets. VISA CEO Al Kelly claimed in March that the digital market space would become highly volatile. Meanwhile, the biggest competitor of VISA MasterCard is not showing as much enthusiasm towards cryptocurrency. Ajay Banga, CEO of MasterCard, prefers to rule in favor of CBDCs rather than DeFi projects.
VISA is Planning to Sign Partnership Contracts with as Many as 50 Different Crypto Projects
Coinbase is the largest crypto trading platform in the North American region. The first-ever crypto-based public trading company introduced a new VISA debit card last year. The investors in the USA were eligible to use the Debit card and also had an opportunity to earn some bonus in the form of Bitcoin and Stellar Lumen.
A new crypto startup BlockFi that debuted in December 2020, also made a pact with VISA. The users were able to purchase a VISA card that was connected to their BlockFi accounts and allowed them to earn rewards in the form of BTC. As part of the yearly growth and expansion plan, VISA is planning to make partnerships with crypto projects left and right. It is estimated that about 50 such projects are underway. The fintech giant claims that about 70 million new consumers may join the crypto space through VISA cards.