Crypto Companies Interested in Working With Visa

Crypto Companies Interested in Working With Visa

The largest payment processor around the globe has decided to consider partnership proposals. Visa reported that various crypto companies have been approaching them with offers to partner up. 

Global leader of fintech at Visa, Terry Angelos informed that from time to time, cryptocurrency companies have shown a significant interest in collaborating and working with them. 

Although the executive did not name any company, he did state that most of these companies wanted to become a part of the network of the payment processor. To him, it was no surprise that crypto companies wanted to benefit from a network that is the largest around the globe. It has more than 60 million merchants, operating in over 200 countries. 

Visa is currently prevalent in the digital asset space and continues to increase its reach. 

Back in 2015, the payment processor decided to dabble with a couple of proof of concepts. Visa first joined forces with, and then eventually left the Libra Association. They had put in money for the custodial provider Anchorage in order to become a member of a blockchain advocacy group in the States. It was called the Digital Chamber of Commerce. 

On the other hand, Exchange Coinbase has been a prominent crypto partner of the payment processor company. They first collaborated on a branded payment card. Next, Coinbase turned into a principal member at the beginning of this year. This allowed them the right to issue Visa cards to the crypto companies that needed them. 

However, Angelos announced that Visa is currently on board with at least 25 other crypto companies. According to him, these companies are all at different stages of development. 

He also went on to add that some crypto companies were put on its fast track program. This is an initiative that grants support and guidance to particular startups. Moreover, the payment processor also provides them with access to its large payments network. 

Earlier this month, Cred, a crypto lending platform also became a part of the fast track initiative. They now have access to the network and can transfer interest payments into the bank accounts of the users directly. 

Angelos was also questioned about whether Coinbase would be the only crypto company to be a principal member for Visa. He answered with expressing hopes for the future. According to him, there are many that the payment processor has enlisted to join hands with.