Big companies, especially financial institutions, have been slowly integrating crypto more and more. They seem to be slowly understanding the inevitability of Crypto and the fact that if only one country/company/person is still supporting it, it will keep on living. Part of this acceptance comes from VISA, the American-based financial services corporation, as they announced that they would be partnering with 50 Crypto companies so they could allow clients to spend and convert digital currencies through their card program. Included in these 50 companies are Coinbase and FTX.
It was also said that users would be able to hold various cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) as well as other fiat-backed or dollar-pegged stablecoins.
Whatever some of us may think of financial institutions and how they are centralized, this partnership would allow easy use of these currencies in around 70 million merchants worldwide, even the ones that do not necessarily accept digital assets. This is in essence, like yesterdays news, great for mass adoption which benefits us all.
Cuy Sheffield, Visa's head of cryptocurrency said:
"The merchants don't have to change anything, it will be the same as any other Visa transaction to them. But on the backend, the crypto assets are instantly converted into fiat."
This makes this transition and allowing of crypto to both be easy for the holders/users of crypto and the people that just want to be paid as they will get their money, holders will get to use crypto and VISA gets to stay relevant within the evolving financial world. Another interesting point is that depending on the crypto service, they might allow the user to spend fiat and earn crypto by doing so in a similar way to cashback.
This news come after VISA announced they would allow paying transactions with USD Coin, they did this through a partnership with Crypto.com and Anchorage. They also announced that $1 Billion in Cryptocurrencies had been handled by the company this year.
Another centralized institution adapting crypto into it's systems, as was mentioned millions of times before it moves crypto away from it's main purpose of decentralization but it's still something necessary for cryptos mass adoption and acceptance by a wider public. It's a hard pill to swallow sometimes but it's something that needs to happen. The ones of us that understand that it should be decentralized will continue to follow that path while others may not care for it.
