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Payments Giant Visa Reveals Roadmap to Supporting Bitcoin (BTC) and Cryptocurrency

July 23, 2020

Visa is laying out its plan to support Bitcoin (BTC) and the cryptocurrency space at large.

In a new blog post, the payments giant says it recognizes the role of digital assets in the future of money. 

“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 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.”

Visa is already active in the cryptocurrency space, working with crypto platforms Coinbase and Fold. The company says it plans to extend its services to digital currency wallets through its FastTrack program, allowing fintechs to integrate with Visa’s global network of 61 million merchants.

The firm says it’s just getting started and plans to expand its support for crypto assets, with more announcements related to digital currency coming in the future.

“We’ve been advancing and evolving our digital currency strategy for quite some time. Last year we made an investment in Anchorage, a company building security infrastructure for the digital currency ecosystem…

We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places. As such, we want to help shape and support the role they play in the future of money. We look forward to sharing more with you on this work in the months that follow.”

Visa says it’s working with policy leaders and regulators to ensure that the company’s digital currency strategy reflects its values and strong stance on security, privacy, integrity and trust.

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Featured Image: Shutterstock/H_Ko