Visa - Money is evolving
To compliment my blog on Mastercard and Crypto Mass Adoption, I am closing the loop with a write-up on Global Payment Giant Visa (if you missed my Mastercard piece its here - https://www.publish0x.com/new-to-cryptos/mastercard-and-mass-crypto-adoption-xjrjdvx)
Visa views Crypto as money evolving - and of course it is, everyone here knows this already. Just pointing out what this global behemoth has stated publicly as people move away from cash; to easy to use credit cards and crypto offerings.
Many of you know Visa partnered w/ Crypto.com for credit cards and you might be a card holder. How successful has this alliance been? Well just in Q122 usage hit $2.5 billion in volume. So, if you figure Visa collects a small fee for each of those transactions; very successful. Keep in mind this is just one branded card, think about the expansion coming with house (aka retail) cards I expect this Crypto.com partnership to continue to thrive as more and more awaken, on how crypto breaks the Elite Rules system.
Visa Wallet Partners now stands at 65 (up from last report of 54) with such names as
- BlockFi
- Circle
- coinbase
- Crypto.com - see above
- Fold
- Wirex - same partner as Mastercard
- xapo
What else has Visa done in the Crypto realm?
- September 2015, Visa made an investment in Chain
- October 2016, Visa announced a preview of Visa B2B Connect in collaboration with Chain
Additionally in Oct. Visa filed a patent for blockchain-based transaction system in October 2016, whose details were disclosed by the United States Patent and Trade Office (USPTO) - IBM and Visa collaborated in October 2018 where Visa integrated IBM's open source Hyperledger Fabric framework from the Linux Foundation with Visa’s core assets .
- Visa filed for yet another patent in November 2019. The patent relates to a “digital fiat currency.”
- February 2020, Coinbase was granted Visa principal membership
- Visa patent for use of USDC - May '20
- Also in 2020 Visa along with the World Economic Forum (WEF) on a set of policy recommendations for central banks exploring the concept of Central Bank Digital Currency (CBDC).
- Dec 1 '20 BlockFi, partnered with Visa along with Evolve Bank and Deserve to release credit card rewards in bitcoin to U.S. residents (in states without restrictions) in spring 2021.
- Dec 3 '20 Visa announced that it will bring the USDC stablecoin to the 60 million merchants on its payments network via adding Circle to Fintech FastTrack partnership.
- Crypto payment for settlement March '21 (USDC)
- Bought a CryptoPunk NFT Aug. '21 for $150K just before prices rocketed higher
- Litecoin partnered to make Crypto payments easy - Oct. '21
- Acquired Currencycloud in Dec. '21
Visa Crypto Roadmap? Visa has been a little more cagey than their largest rival about what is coming down the road. I understand, but it would nice for a leaker to spread some info about Visa roadmap.
Summary - I cannot overstate the importance of Global Payment Giants Visa and Mastercard to the Crypto realm. Bringing ease of to the state of evolving money is critical for mass adoption (think suddenly then all at once.) You will never get rich by following the rules set upon you by the rich!
