Following MasterCard’s Announcement Earlier This week, VISA Have Joined the Crypto Party With Their Own Development Plan
By FVP Trade on The Capital
Following MasterCard’s announcement earlier this week in regards to their expanding support of cryptocurrencies, VISA has joined in and laid out a similar statement wanting to keep in the race with the competition. VISA is planning to make it faster and more simple for consumers to spend digital currency globally.
According to their official statement, around the globe, in excess of 25 digital currency wallets have connected their services to VISA and they want to offer this to their 61 million existing VISA customers worldwide. Mastercard’s initial collaboration is with Wirex which will enable direct crypto access to their clients.
Similar to Mastercards’ acceleration development Program, VISA has set up its FastTrack program. This enables Fintechs, including those in the digital currency world, to integrate quickly with Visa’s global system. It intends to extend support to digital currencies and blockchain companies as per customer and client demand.
The research group at VISA is looking into on-chain blockchain development which incorporates smart contract capabilities, privacy, and security improvements for Bitcoin and Ethereum. It has introduced two innovative projects, FlyClient (to improve the procedure of validation via nodes). It is a unique transaction verification light customer for chains of variable complexity.
The other project is Zether, a payment system that will implement privacy for the execution of smart contracts.
The objectives and values set by the two FinTech giants are distinctly comparable and aim to add new collaborations soon. They are also in contact with major regulatory agencies and organizations around the world to comply with anti-money laundering and anti-terrorist funding directives.
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