Visa is working on digital wallets that can convert Bitcoin into fiat currencies
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Answer Visa is working on digital wallets that can convert Bitcoin into fiat currencies
Alfred Kelly, CEO of Visa, a financial payment services company, explained the company’s plans to work on Bitcoin wallets that could convert Bitcoin into fiat currencies.
came Clarification “Kelly” means:
We are trying to do two things.
One is to enable the purchase of bitcoin using Visa credentials.
Second: Working with Bitcoin wallets to allow Bitcoin to be converted into fiat currency so it can be used instantly in any of the 70 million places around the world where Visa cards are accepted.
Visa already has partnerships with a number of cryptocurrency entities and companies that issue Visa-powered cards for cryptocurrency-related payments and transactions.
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Jacques Forrestel, Chief Product Officer, Visa, said:
We set out to make Visa a bridge between digital currencies and our global network of 70 million merchants.
Today we are the leading network of cryptocurrency wallets with 35 cryptocurrency platforms choosing to issue their cards with Visa
Through the presented pilot program, we want to extend the value of Visa to our new bank and financial institution clients by providing an easy bridge to crypto assets and blockchain networks.
With the growing awareness surrounding cryptocurrencies, the company is looking to outdo other competitors in being the ultimate backbone of cryptocurrency payment and related services.
MasterCard is also ramping up its plans to try this path as both financial giants are already providing massive support for blockchain and cryptocurrency innovations.
MasterCard owns a number of patents, including the patent for the device billing system compatible with the Iota Tangle Network.
Visa and MasterCard are striving to be part of the impending revolution that the cryptocurrency ecosystem is bringing to the global payment system.
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