The global payments giant company Visa said that digital currencies offer an exciting avenue for them to continue expanding the network-of-networks to support new forms of commerce.
In a blog post, the global payments technology company Visa revealed its views and aspirations from cryptocurrencies. The payment giant wrote in the blog that they are focused on delivering the greatest value to people, businesses, and economies everywhere, regardless of currency, channel, or form factor. The company also talked about the role of cryptocurrencies and their projects involving it. The payment giant said that they want to help shape and support the role cryptocurrencies play in the future of money.
“Stablecoins have emerged as a promising new payment innovation.”
The global payment giant wrote in its blog that fiat-backed digital currencies, commonly referred to as “stablecoins,” have emerged as a promising new payment innovation, combining the benefits of digital currencies with the stability of existing currencies like the US dollar. It’s a concept that is gaining traction beyond fintech, and now includes financial institutions and central banks, the report added.
Visa was earlier the part of Libra Association that is developing the controversial stablecoin Libra. But the global payments giant quit the association amid the regulatory scrutiny that the project was facing from around the world.
Visa has been working closely with crypto companies.
The payment giant Visa stated that it has been working closely with licensed and regulated digital currency platforms like Coinbase and Fold to provide a bridge between digital currencies and its existing global network of 61 million merchants. The company further revealed that more than 25 crypto wallets have linked their services to Visa, giving users an easy way to spend their digital currency balance using a Visa debit or prepaid credentials around the world.
The company has been evolving its digital currency strategy for quite some time. Last year Visa made an investment in Anchorage, a company building security infrastructure for the digital currency ecosystem.