Sumit BeraTue, Jul 21, 2020 10:29 AM
VISA and Blockchain Technology: Adoption of Cryptocurrency
For a very long time at this point, VISA has been attempting to organize its powers with crypto. As of late, the organization reported the dispatch of explicit activities.
Collaboration with Coinbase
Coinbase trade united with VISA installment framework in April 2019 to give a Сoinbase VISA Card which will permit clients to "go through digital currency as effectively as cash in their bank". It was initially delivered uniquely in the UK.
It is amazing that already the VISA group was not sure about cryptographic money. The organization's top administrator once called Bitcoin "a monetary air pocket for hoodlums".
Simultaneously, it was realized that VISA was enrolling experts in the crypto circle. On the 25th of October 2018, agents of the organization talked about the characteristics of their demeanor to cryptographic forms of money and the potential outcomes of working with another monetary instrument in a meeting.
In May 2019, VISA Inc. announced the launch of Earthport, a cross-border payment company. Previously, VISA provided the ability to transfer money from card to card, but now the company can provide transfers worldwide through a single VISA network due to the Earthport.
In June 2019, VISA launched a blockchain-based payment service for corporate clients, first announced in October 2016.
The service was designed to help VISA corporate customers bypass the slow correspondent banking system by making almost instant international payments available using a system based partly on distributed ledger technology (DLT).
Although Chain, which creates blockchains to support financial systems, played an important role in developing B2B Connect VISA early on, VISA eventually turned to Hyperledger Fabric to provide the blockchain-based component system with support from IBM.
In October 2019, it was announced that VISA and Revolut, the leading FinTech in Europe, announced the signing of a new agreement aimed at “expanding the global Revolut business.”
Based on the opportunities offered by VISA, Revolut will present its products:
- in 5 regions;
- in 24 new markets.
Under the terms of the agreement, during its global expansion, Revolut will primarily issue VISA cards.
VISA later signed an agreement to acquire a fintech startup Plaid for $5.3 billion. It was announced on January 13, 2020, in a press release. Plaid has developed a network that allows users to link various accounts and connect financial accounts to applications. The startup also serves the Coinbase cryptocurrency exchange and collaborates with the Abra cryptocurrency wallet.
Ripple and VISA partnership
In February 2020 VISA decided to team up with Coinbase to issue Ripple XRP debit cards. Coinbase's relationship with VISA shows that more and more players in the financial sector are ready to accept blockchain as a whole, which, of course, is a positive development for Ripple.
Future crypto VISA coin
On May 14, 2020, VISA filed a patent application for the creation of a digital currency based on the blockchain, which will be controlled by a “central computer”.
VISA noted that digital money has advantages over fiat payment systems. These include the speed of transactions, as well as the trust of users, which is ensured through the use of blockchain technology.