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Visa to Further Embrace Cryptocurrency - What Are The Company's Plans?
Giant card company Visa has recently shown its increased interest in the cryptocurrency market. 2021 has already proved to be a successful year for cryptocurrency, taking the market one step closer to the long-anticipated mainstream. Now, well-established payment companies are showing interest in the market.
Among the payment companies showing interest in crypto the leading one is undoubtedly Visa. One of the heads of Visa, Nikola Plecas has recently talked about the importance of cryptocurrencies, noting that the market has changed and transformed a lot since the introduction of Bitcoin, noting that there are a lot of opportunities now.
Although Visa is very much interested in the cryptocurrency market, Bitcoin is not largely featured in the company's future plan. Visa believes that crypto can be largely used by consumers and merchants in the same way as existing fiat currencies are.
As of now, there currently are five areas that the company is discussing in terms of digital currency efforts. These steps represent the major view that Visa has about the future of the digital currency market.
Main Areas of Visa’s Crypto Efforts
Among the most important things that the company focuses on is making it easier for consumers to purchase cryptocurrencies. The company has and plans to work with wallets as well as exchanges to make buying cryptos more accessible.
The second biggest aim is to make it easier for people to cash out their cryptos in fiat currencies. Visa says that they want to ensure that once people exit their crypto positions, they are instantly able to cash out their funds and start spending at any of the merchant endpoints of Visa.
The third effort that the company claims to be aiming at is to make it possible to use digital currency APIs to make banks add cryptos for their clients. As for the fourth aim, it is the settlement with stablecoins. It has in fact settled its first transaction in stablecoin this year already, using the USDC.
The company representatives say that as time goes and the technology evolves, they hope to be able to support other stablecoins as well. As for the final aim of the company, it is very much long-term. It is the central bank of digital currencies, simply called CBDCs.
The official data of the Bank for International Settlements shows that as much as 86 percent of all world central banks are actually considering launching their own CBDCs in one form or another.
So, in short, the company has unveiled the five top digital opportunities. The first one is enabling people to purchase crypto, the second one is to give people the ability to withdraw their cryptos in fiat currencies, the third one is to enable fintech to give people access to crypto options, the fourth is to enable settlement in digital currencies, while the last one is CBDCs.
Why is crypto becoming so popular?
There are several things supporting the popularity of cryptocurrencies. One of them is the fact that cryptocurrencies are becoming more accessible than ever before. There are many of them available in the market and anyone can easily access them thanks to the numerous crypto exchanges and virtual wallets.
Crypto trading is also becoming very popular around the world thanks to online exchanges. In fact, people don’t even need to have trading skills to become part of the crypto trading market. There are dozens of crypto training bots available in the market that do all the hard work for traders. The best crypto trading bot is able to analyze the market, give traders signals, as well as open buy and sell orders all in just a few clicks.
Because there are so many things that crypto has to offer to traders, the market is becoming more and more popular for large companies, such as Visa, for example.
A very interesting thing about the interest of Visa in crypto is the fact that it is not only interested in the consumer side of crypto, but in the B2B potential of cryptocurrencies as well. According to Visa, B2B is an area that has huge room for growth, and it represents a very interesting field for Visa. However, although crypto can be very helpful in B2B, larger adoption will take some time.
Why is Visa’s plan so important?
Cryptocurrencies tend to be achieving the long-awaited and anticipated mainstream. The steps were taken by Visa, as well as many other leading companies in the market for further adoption of digital currencies, mean a lot for the whole market.
The cryptocurrency market has developed and changed a lot since the release of Bitcoin and has transformed into a very interesting and attractive investment option for many. With the recent price boom, the crypto market has further increased its popularity around the world.
With companies like Visa showing interest in the crypto market, it is thought to become even more popular around the world.
This article does not necessarily reflect the opinions of the editors or the management of EconoTimes