Crypto assets journey towards mass adoption has sometimes appeared in peril of being derailed during the past 12 months but there are enough positives to take care of momentum and, within the past week, an announcement from Visa was a kind of a turbo boost.
The global payments giant has shown its strongest crypto-currency commitment yet by announcing it had been working with digital currency platforms like Coinbase and Fold to “provide a bridge between digital currencies” and its global network of 61 Mln users.
Visa’s statement said: “Around the world, over 25 digital currency wallets have linked their services to Visa, giving users a simple way to spend from their digital currency balance employing a Visa debit or prepaid credential — anywhere Visa is accepted.
“Through these efforts, Visa has become the well-liked network for digital currency wallets, which are wanting to deepen their value to users by making it quicker and easier to spend digital currency worldwide.”
Unsurprisingly, the cryptocurrency community is happy and the news had a positive effect on the worth of Bitcoin [BTC].
After severe setbacks to Facebook’s Libra programme, which at just one occasion seemed like crypto’ best hope of mainstream adoption, this is often welcome news to believers.
Earlier this year, we saw Lloyd’s of London put some of its eggs within the blockchain basket, with the formation of a fanatical digital asset policy and Visa has become the newest respected organisation from the “traditional” world of finance to reveal faith in crypto’.
Aside from generating public confidence in crypto assets, perhaps more importantly is the role organisations as powerful as Visa can play in shifting the mindset of regulators. Visa, long with other, can use their influence to convince the various doubters in authority that blockchain is the way future for finance.
Visa’s statement continued: “Currencies on a range of issues, from consumer protection to payments resilience. We believe the best way to address these concerns is by working closely with leading companies as well as the public sector. For over 60 years, Visa has invested in building and maintaining a resilient global network that delivers best in class functionality to our clients and consumers. Extending this legacy into the decades ahead requires continuous innovation and collaboration with a variety of partners.
“As a part of this public sector strategy, Visa has been engaging with policy makers and global organizations to assist shape the dialogue and understanding of digital currencies; this includes our work with the Global Economic Forum and our collaboration on a group of policy recommendations for central banks exploring the concept of CBDC.