• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Stock Trend Alerts

Essential Market Ideas and Investing Strategies

  • Newsletter Reviews
  • Hot Stocks
  • Technology
  • Financial News
  • Secrets of the Pros
  • Analysis
Home » Visa Finds Bitcoin and Crypto Too Big to Ignore

Visa Finds Bitcoin and Crypto Too Big to Ignore

Visa (NYSE: V) is set to enter the cryptocurrency market as the payments processor looks to capitalize on the sector’s growth and expand its worldwide business, a report on business outlet Moneycontrol said Tuesday.

Visa moves into the Bitcoin and crypto world

The firm has so far strayed far from the crypto sector but the latter is now too big to ignore. Data from markets tool CoinGecko pegs the entire sector at over $1.7 trillion, or over 15% the size of the gold market.

It’s a space that Visa is looking to capture. “We’re trying to do two things. One is to enable the purchase of bitcoin on Visa credentials,” said CEO Al Kelly in a statement.

“And secondly, working with bitcoin wallets to allow the bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted,” he added.

Bitcoin purchases via a Visa card have so far been limited to crypto exchanges or wallets that instantly convert a user’s payment from fiat-to-crypto using their centralized, third-party service. This means that for Visa, it’s no different than any other transaction that involves the exchange of fiat money for a product.

[Discover: The Top Cryptocurrencies to Buy, and When to Buy them, for Maximum Crypto Profits]

But the new upgrade would take things up another notch. Visa would directly work with the crypto wallet companies to allow a user to technically pay with crypto worldwide—there would be no “unsupported” errors (except if there are legal regulations that forbade such use).

“Strong potential”

As per Kelly, cryptocurrencies have a “strong potential” to become new payment vehicles in both emerging and developed markets. He also believes “stablecoins”—a type of cryptocurrency pegged on a 1:1 basis with a fiat currency—would soon make their mark on the world.

“These are currencies that are fiat-backed, but we’re allowing this translation, if you will, into a fiat currency and in a wallet where there’s a Visa card and again that Visa card can be used with the translated digital currency over to the fiat currency to purchase at any one of our 70 million locations,” he said.

The statements come a month after Visa announced a partnership with crypto-friendly neobank First Boulevard. The bank would be the first to pilot Visa’s new suite of crypto APIs.

[Read: Why demand for cryptos is exploding – plus 8 cryptos you must avoid like the plague]

Meanwhile, other payment processors are jumping on the crypto bandwagon as well. Mastercard (NYSE: MA), which enjoys a near duopoly of the global payments processing market with Visa, also announced its crypto plans last month February that could soon support cryptocurrencies directly on the Mastercard network. The institutions are clearly coming.

Read more from Shaurya Malwa at CryptoSlate.com

You Might Also Like...

  • Jeff Brown and Web 3.0: Striking It Rich in the NFT Gold Rush
  • Three Penny Stocks to Add to Your Watchlist in 2022
  • “The Tech Shock” - Stocks to Buy and Companies to Avoid During the Global Chip Shortage...
  • Recent Court Ruling Could Bring NFTs and Crypto Payments One Step Closer to Apple's iPhone

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Subscribe to Stock Trend Alerts

By submitting your email address, you give Stock Trend Alerts permission to deliver investment research to your email inbox. Privacy Policy | How It Works

Popular Posts

  • Martin Weiss Docket No. OP–1670: 12 Inflation-Beating Stocks
  • Jim Rickards – The Return of American Energy: Profit from the Green Lie
  • Andrew Zatlin: Biden’s Puppet Master Exposed and How to Opt Out of the Digital Dollar
  • Why 2023 Could Kick Off a “Cash Frenzy” in Stocks
  • Dylan Jovine 21st Century Battlefield: 4 Companies Changing Warfare
  • Infinite Energy Stock: The Tiny Company Dominating Tesla in the Trillion-Dollar Green Energy Race
  • Dylan Jovine Search & Destroy: 3 AI Software Stocks Revolutionizing Warfare
  • BREAKING: Military to spend billions on “Living Missile”

Recent Posts

  • 25 Super-Woke Companies You Do Not Want in Your Portfolio with Alexander Green
  • Jeff Clark Trader: The Currency Trading Retirement Blueprint
  • Jason Williams Blue Gas: The Tesla Killer Fuel Cell Revolution
  • Andrew Zatlin: Biden’s Puppet Master Exposed and How to Opt Out of the Digital Dollar
  • The AI Takeover: Jason Bodner’s Quantum Edge Trader Smart Tech

Topics

AAPL Advertorial Amazon AMZN Artificial Intelligence Battery Bear Market Biotech Bitcoin Blockchain Clean Energy Cloud Computing Coronavirus COVID Creative Cryptocurrency Dividends E-Commerce Electric Vehicles Elon Musk Energy Ethereum Gold Growth Stocks Inflation Interest Rates International Jeff Brown Louis Navellier Market Crash MSFT Oil and Gas Options Prediction President Biden Recession Retirement Russia Semiconductor Supply Chain Tesla The Fed TSLA Volatility Warren Buffett

Copyright © 2023 · Stock Trend Alerts - Essential Market Moves and Investing Ideas

Nothing on this website should be considered personalized financial advice. Any investments recommended here in should be made only after consulting with your personal investment advisor and only after performing your own research and due diligence, including reviewing the prospectus or financial statements of the issuer of any security.

Stock Trend Alerts, its managers, its employees, affiliates and assigns (collectively "The Company") do not make any guarantee or warranty about the advice provided on this website or what is otherwise advertised above.

The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. The Company is not affiliated with, nor does it receive compensation from, any specific security.

To the maximum extent permitted by law, the Company disclaims any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations provided herein prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses.

About Us | How it Works | Privacy Policy | Terms and Conditions | Contact Us