By CoinJoy on The Capital
For two years now, VISA has been trying to coordinate its forces with crypto. Recently, the company announced the launch of specific actions.
Cooperation with Coinbase
Coinbase exchange joined forces with VISA payment system in April 2019 to issue a Сoinbase VISA Card which will allow users to “spend cryptocurrency as easily as money in their bank.” It was originally released only in the UK.
It is remarkable that previously the VISA team was not positive about cryptocurrency. The company’s top manager once called Bitcoin “a financial bubble for criminals.”
At the same time, it was known that VISA was recruiting specialists in the crypto sphere. On the 25th of October 2018, representatives of the company spoke about the peculiarities of their attitude to cryptocurrencies and the possibilities of working with a new financial instrument in an interview.
Earthport
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.
VISA&IBM
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.
Revolut
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.
Plaid
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.
Originally published at https://coinjoy.io.
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Review: How VISA Was Going In Circles Around Crypto For Years was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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