{"id":462598,"date":"2021-04-28T21:55:49","date_gmt":"2021-04-28T21:55:49","guid":{"rendered":"https:\/\/wncen.com\/?p=462598"},"modified":"2024-06-11T13:55:21","modified_gmt":"2024-06-11T13:55:21","slug":"visa-bitcoin-potential-transactions","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/visa-bitcoin-potential-transactions\/","title":{"rendered":"Why VISA Thinks Bitcoin Has Potential In Cross-Border Transactions"},"content":{"rendered":"<p>Payments giant <a href=\"https:\/\/wncen.com\/sponsored\/ownr-wallet-ends-2020-with-the-launch-of-visa-prepaid-crypto-card-and-its-own-crypto-exchange\/\" target=\"_blank\" rel=\"noopener \">Visa <\/a>has been expanding its involvement with Bitcoin and cryptocurrencies. Per their Q2, 2021, Earnings Call, the company has a long roadmap and many plans to integrate these assets into its payment network.<\/p>\n<p>Al Kelly, Chairman, and CEO at Visa talked about the <a href=\"https:\/\/wncen.com\/news\/ethereum\/visa-picks-ethereum-over-facebook-libra-to-settle-payments-eth-usd-up\/\" target=\"_blank\" rel=\"noopener \">\u201copportunities\u201d the company is and would like to explore with BTC and digital assets<\/a>. Kelly said he views this cryptocurrency as a \u201cdigital gold\u201d due to the fact that people \u201chold\u201d on to it.<\/p>\n<p>In the crypto industry, Visa will focus on 5 areas. The first is to allow consumers to purchase Bitcoin and other cryptocurrencies. The executive said Visa is working with exchange platforms and wallets to enable this feature. Kelly <a href=\"https:\/\/www.fool.com\/earnings\/call-transcripts\/2021\/04\/28\/visa-v-q2-2021-earnings-call-transcript\/\" target=\"_blank\" rel=\"noopener nofollow\">added<\/a>:<\/p>\n<blockquote><p>I would say that this is a space that we are leaning into in a very, very big way and I think are extremely well-positioned.<\/p><\/blockquote>\n<p>Later, the payments giant is working on allowing <a href=\"https:\/\/wncen.com\/news\/bitcoin\/buying-bitcoin-paypal-fiat-crypto\/\" target=\"_blank\" rel=\"noopener \">customers to use a crypto cash-outs service<\/a>. Thus, Visa\u2019s network can convert funds in BTC or other cryptocurrencies into fiat. The converted funds will be available to make purchases at the 70 million Visa merchants. Kelly believes this will give \u201cimmediate utility to the digital currency\u201d. He added:<\/p>\n<blockquote><p>We&#8217;ve got over 35 digital-currency platforms and wallets that have chosen to work with us. Coinbase, Crypto.com, BlockFi, Fold, Bitpanda are just some examples. And so that&#8217;s certainly a second big opportunity.<\/p><\/blockquote>\n<h2>Bitcoin With Broader Use Cases On Top Of Visa<\/h2>\n<p>On the other hand, the company seeks to give its corporate partners and institutions a \u201ccrypto option\u201d. With that in mind, Visa has created APIs.<\/p>\n<p>These allowed for institutions to offer a buy, trade, and custody feature supported by Anchorage, a digital asset bank based in the United States. Later, Kelly referred to their fourth opportunity, settlement:<\/p>\n<blockquote><p>We&#8217;ve upgraded our infrastructure to allow a financial institution to settle with these in a digital currency with stablecoin, starting with USDC. (\u2026) So, we&#8217;re going to now be able to support digital currencies as an additional settlement currency on our network.<\/p><\/blockquote>\n<p>For this purpose, Anchorage will also be a key component. The digital asset bank will aid Visa to integrate the mechanism to settle transactions in stablecoins, such as USD Coin (<a href=\"https:\/\/wncen.com\/news\/company\/okex-announces-support-for-usdt-and-usdc-stablecoins-on-the-algorand-blockchain\/\" target=\"_blank\" rel=\"noopener \">USDC<\/a>). On their final area of opportunity, Kelly said its company will develop partnerships with banks.<\/p>\n<p>In that way, they will incorporate and help secure central bank digital currencies (CBDC). On Bitcoin\u2019s role in Visa\u2019s plans, Vice Chairman and CFO, Vasan Prabhu, said the following:<\/p>\n<blockquote><p>The other use case that holds a lot of potential is to the extent that crypto-related transactions become significant, and we&#8217;re enabling, as you know, a vast number of them, one use case that is particularly useful in either stablecoin or Bitcoin-type scenarios is cross-border.<\/p><\/blockquote>\n<p>BTC is <a href=\"https:\/\/wncen.com\/news\/bitcoin\/turkish-central-bank-becoming-bitcoin\/\" target=\"_blank\" rel=\"noopener \">trading<\/a> at $54.650,71 with sideways movement in the daily chart. In the weekly and monthly chart, BTC has minor losses with a 2.8% and 1.9%, respectively.<\/p>\n<figure id=\"attachment_462601\" aria-describedby=\"caption-attachment-462601\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-462601 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-13.png?resize=860%2C424\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"424\"><figcaption id=\"caption-attachment-462601\" class=\"wp-caption-text\">BTC moving sideways in the 24-hour chart. Source:<a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\"> BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Payments giant Visa has been expanding its involvement with Bitcoin and cryptocurrencies. Per their Q2, 2021, Earnings Call, the company has a long roadmap and many plans to integrate these assets into its payment network. Al Kelly, Chairman, and CEO at Visa talked about the \u201copportunities\u201d the company is and would like to explore with BTC and digital assets. Kelly said he views this cryptocurrency as a \u201cdigital gold\u201d due to the fact that people \u201chold\u201d on to it. In the crypto industry, Visa will focus on 5 areas. The first is to allow consumers to purchase Bitcoin and other cryptocurrencies. The executive said Visa is working with exchange platforms and wallets to enable this feature. Kelly added: I would say that this is a space that we are leaning into in a very, very big way and I think are extremely well-positioned. Later, the payments giant is working on allowing customers to use a crypto cash-outs service. Thus, Visa\u2019s network can convert funds in BTC or other cryptocurrencies into fiat. The converted funds will be available to make purchases at the 70 million Visa merchants. Kelly believes this will give \u201cimmediate utility to the digital currency\u201d. He added: We&#8217;ve got over 35 digital-currency platforms and wallets that have chosen to work with us. Coinbase, Crypto.com, BlockFi, Fold, Bitpanda are just some examples. And so that&#8217;s certainly a second big opportunity. Bitcoin With Broader Use Cases On Top Of Visa On the other hand, the company seeks to give its corporate partners and institutions a \u201ccrypto option\u201d. With that in mind, Visa has created APIs. These allowed for institutions to offer a buy, trade, and custody feature supported by Anchorage, a digital asset bank based in the United States. Later, Kelly referred to their fourth opportunity, settlement: We&#8217;ve upgraded our infrastructure to allow a financial institution to settle with these in a digital currency with stablecoin, starting with USDC. (\u2026) So, we&#8217;re going to now be able to support digital currencies as an additional settlement currency on our network. For this purpose, Anchorage will also be a key component. The digital asset bank will aid Visa to integrate the mechanism to settle transactions in stablecoins, such as USD Coin (USDC). On their final area of opportunity, Kelly said its company will develop partnerships with banks. In that way, they will incorporate and help secure central bank digital currencies (CBDC). On Bitcoin\u2019s role in Visa\u2019s plans, Vice Chairman and CFO, Vasan Prabhu, said the following: The other use case that holds a lot of potential is to the extent that crypto-related transactions become significant, and we&#8217;re enabling, as you know, a vast number of them, one use case that is particularly useful in either stablecoin or Bitcoin-type scenarios is cross-border. BTC is trading at $54.650,71 with sideways movement in the daily chart. In the weekly and monthly chart, BTC has minor losses with a 2.8% and 1.9%, respectively.<\/p>\n","protected":false},"author":535,"featured_media":462599,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-462598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Why VISA Thinks Bitcoin Has Potential In Cross-Border Transactions<\/title>\n<meta name=\"description\" content=\"Payments giant Visa has been expanding its involvement with Bitcoin and cryptocurrencies. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/wncen.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Why VISA Thinks Bitcoin Has Potential In Cross-Border Transactions","description":"Payments giant Visa has been expanding its involvement with Bitcoin and cryptocurrencies. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why VISA Thinks Bitcoin Has Potential In Cross-Border Transactions","url":"http:\/\/wncen.com\/news\/visa-bitcoin-potential-transactions\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/visa-bitcoin-potential-transactions\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-20.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-20.jpg?fit=979%2C658"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-04-28T21:55:49Z","datePublished":"2021-04-28T21:55:49Z","dateModified":"2024-06-11T13:55:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why VISA Thinks Bitcoin Has Potential In Cross-Border Transactions\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/visa-bitcoin-potential-transactions\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/visa-bitcoin-potential-transactions\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Bitcoin-BTC-BTCUSD-20.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Bitcoin-BTC-BTCUSD-20.jpg?fit=979%2C658\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-04-28T21:55:49Z\",\"datePublished\":\"2021-04-28T21:55:49Z\",\"dateModified\":\"2024-06-11T13:55:21Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-20.jpg?fit=979%2C658","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/462598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=462598"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/462598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/462599"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=462598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=462598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=462598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}