Visa introduced its plan to support Bitcoin (BTC) and cryptocurrency. The payment giant says it recognizes the role of digital assets in the future of money.
“The concept of digital money – or the digital version of cash, controlled by a private key – was created more than a decade ago with the launch of Bitcoin.
Today, fiat-backed digital currencies, commonly referred to as “fixed currencies”, have emerged as a promising new payment innovation by combining the benefits of digital currencies with the stability of existing currencies such as the US dollar. ”
Visa works with Coinbase and Fold cryptocurrency platforms that are already active in the cryptocurrency space. The company said that it plans to expand its services to digital money wallets with the FastTrack program and enables fintechs to integrate Visa’s global network of 61 million merchants.
The company is just beginning this technology and says it plans to expand its support for crypto assets in the future with more announcements about the digital currency.
“We have been developing our digital currency strategy for a while. Last year, we invested in Anchorage, a company that creates a security infrastructure for the digital money ecosystem.
We believe digital currencies have the potential to expand the value of digital payments to more people and places. Therefore, we want to shape and support the role they will play in the future of money. We hope to share more about this work with you in the following months. ”
Visa said it is working with policy leaders and regulators to ensure that the company’s digital currency strategy reflects its values and its strong stance on security, privacy, integrity, and trust.