It seems ironic
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Not only does it not come out against cryptocurrencies, but it is actually a catalyst for their adoption as the company’s new move is expected to reach 40 more countries, mainly in Asia, Latin America and Europe. The new-old service (since the service already existed in the United States) of Visa will allow its customers to connect their credit card directly to the trading platform of the FTX exchange, one of the largest and most well-known exchanges in the world, certainly in the US. FTX CEO Sam Bankman Freed said : “We are excited to partner with one of the world’s largest payment companies to give our users the ability to use their crypto to fund transactions in millions of stores around the world. This card will allow users to use the crypto in their account with us every day of the year, securely and without fees “.
The cooperation between the two companies is of course a little absurd, in the end, for many the essence of crypto is to replace or bypass the traditional banking system and here, the company that depends on that system helps the world to adopt those currencies. What is so important about the cooperation between the companies is, as mentioned, the matter that the customers will not have to get involved with the sale of their digital currencies when they try to convert them back to regular money, moreover – they will be able to use the same currencies to directly purchase products they are interested in.
This is not Visa’s first combination of forces with a crypto company – so far the company has collaborated with Coinbase and Binance and the company reported in January that the volume of transactions on its crypto cards in the first financial quarter of this year was 2.5 billion dollars. About a month before the publication of the figure, the company announced that it would begin advising its customers and partners in the field of crypto. “We have seen a fundamental change in the perception of our customers over the past year, an aspiration to explore and experience crypto, to actually build a strategy and create a road map for its implementation,” said Carl Rothstein, head of Visa’s consulting and analytics department, at the time of the company’s announcement.
Despite the “rivalry” between Visa and the world of crypto, it seems that Visa’s steps in recent years are the ones that can put crypto on the fast track to the global mainstream. The problem, perhaps the most serious, of the entire crypto world is accessibility – the whole field is still unclear and not convenient to use, even for those who have been in it for a while. In order for a certain technology to enter the public consciousness as a positive thing, it must be accessible, and currently all of Visa’s moves bring this accessibility to the world more than any crypto project that has emerged into the world so far.
Whether the idea behind Bitcoin and the rest of the cryptocurrencies is smart, right or logical, as long as our grandparents (not to mention the vast majority of the world’s citizens) can’t even come close to understanding how to conduct themselves in the field, adoption will be very slow. So far the crypto market has lost a large amount of public trust, mainly following big scandals such as the collapse of Terra Luna and the currency custody companies (Celsius and Voyager) and perhaps crypto supporters should really appreciate Visa’s steps, as they may be the ones building the foundation for the future growth of the field.
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