Max E.Tue, Mar 1, 2022 3:30 PM
Tribal Announces Partnership With Visa
Tribal Credit, a cryptocurrency-focused enterprise payment platform, has entered into an agreement with a multinational corporation Visa. The partnership will allow small and medium businesses in Latin America to obtain additional opportunities for financing and lending.
As part of cooperation, the platform will issue credit cards for businessmen in various local currencies, primarily in the national currencies of Chile, Peru and Colombia.
In addition, entrepreneurs will be able to use digital assets and blockchain technology to make payments and transfer funds.
According to the representatives of the platform, the implementation of payment solutions based on distributed ledger technology will continue in Latin America. Such an important step as the recognition of Bitcoin as legal tender in El Salvador has already been taken. In Latin America, the number of cryptocurrency users is growing.
Tribal has previously started cooperating with several crypto exchanges in South America. The partners are working on creating a cross-border payment service that will use the Stellar cryptocurrency.
In its turn, Visa corporation has been showing an increased interest in the blockchain industry for several years. At the beginning of 2021, the payment system announced the creation of a service for buying digital currencies. It will be integrated into the work of the banking sector.
In the winter of 2021, it became known that Visa is planning to work with digital currencies. In particular, the company intends to launch a universal payment channel – a bridge between blockchains. Both individual users and corporations will be able to become clients of the channel transfer assets and exchange business information.
Visa is also taking its first steps into the non-fungible token's market: in August 2021, the company acquired a CryptoPunk for $150,000, and in the same month it made a statement about the great potential of the NFT industry.