The concept of digital currency, or a digital version of cash controlled by a private key, was created more than a decade ago, with the launch of Bitcoin. Today, fiat-backed digital currencies, commonly known 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 is a concept that is gaining ground beyond fintech, and now includes financial institutions and central banks. Consumers and businesses are also embracing digital currencies, and circulation is growing rapidly, reaching more than $ 10B in May.
Visa stated in an announcement on July 22 that digital currencies could help offer better services and the expansion of networks that would support modern forms of commerce and exchange.
Their services are not hampered by differences in currency, channel or form. It is contributing immensely to reshaping how money moves around the world. Visa recently announced research partnerships that support different technological advancements, such as those for digital assets.
Visa has been working closely with licensed and regulated digital currency platforms like COINBASE & FOLD to provide a bridge between digital currencies and its existing global network of 61 million merchants. Worldwide, more than 25 digital currency wallets have linked their services to Visa, giving users an easy way to spend their digital currency balance using a Visa debit or prepaid credential, anywhere it is accepted. Visa.
Following a recent company launch. Visa mentions that digital currencies help them offer better services when it comes to expanding networks to support modern forms of commerce and exchange.
The Visa team stated that one of the partnerships it established is with Coinbase, a regulated and licensed digital currency exchange.
The ad says:
"We are working hard to link our current global network of 61 million merchants to the world of digital currencies."
Like other digital wallets, digital currency wallets seek to utilize Visa's full range of capabilities, including Visa Direct, making it quicker and easier for consumers to convert digital currency and push those funds to their credentials. Visa in real time. Much of this work is happening through Visa's FastTrack program, which helps fintechs, including those in the digital currency space, to quickly integrate with Visa's global network.
Through these efforts, Visa has become the network of choice for digital currency wallets, who are eager to deepen their value for users by streamlining and facilitating the spending of digital currency worldwide.
This is a testament to the innovative role Visa has played in the industry. Its services include Visa Direct, a service that helps consumers easily change digital currencies and send through their Visa platforms. This is much easier thanks to Visa's Fast Track program that helps fintech and other digital currency users work with the company's network.
Visa believes that digital currencies have the potential to extend the value of digital payments to a greater number of people and places. As such, they want to help shape and support the role they play in the future of money.
Visa has been moving forward and evolving its digital currency strategy for quite some time. Last year they made an investment in Anchorage, a company that builds security infrastructure for the digital currency ecosystem. Visa's research team has been exploring the science of blockchain technology for several years. Their work has produced several promising innovations, including Zether2 and FlyClient. Today, his research focuses on new mechanisms to improve scalability and allow offline digital currency transactions.
Visa worked with the World Economic Forum to provide a set of policy recommendations for central banks willing to create the Central Bank's digital currency (CBDC).
He stated that as trusted products and research teams continue to develop better services for the digital currency space. The digital currency is in the DNA of Visa. Through great efforts, Visa has become the preferred network for digital currency wallets.
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