Visa Partners With Digital Bank in Crypto API Pilot Program; Making Buying BTC Easier
While it started as an ardent opponent of the use of Bitcoin, the financial service provider Visa has demonstrated its capacity for changing course on first impressions, as it rapidly becomes one of its biggest supporters.
Over the past few years, Visa has been working behind the scenes to partner up with 35 Bitcoin and cryptocurrency-based platforms and set its sights on merging mainstream banking & cryptocurrencies with its new cryptocurrency software program, which will get started later this year.
Visa represents just one of a growing number of multinationals and celebrities that have either taken steps towards or overtly expressed their support for cryptocurrencies like Bitcoin. Globally-renowned stars from actress Lindsay Lohan, Paris Hilton, and Snoop Dogg have made their positions clear on BTC. Just this week, in fact, Tesla CEO, Billionaire, and Twitter sensation, Elon Musk, hit the front-pages when he added ‘Bitcoin' to his title, adding that it was “on the verge” of breaking into institutional finance.
Visa Chief Executive, Al Kelly, speaking during the company's Q1 2021 earnings call, laid the company's aims out in plain terms for attendees, describing Bitcoin as a ‘virtual gold' which had yet to be harnessed fully as a mode of digital payments.
“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally.”
Alongside Visa, PayPal was one of the payment giants that recently made waves in the cryptocurrency space. Its announcement would allow its 346 million users to buy and spend Bitcoin. While this was met with celebration by investors and enthusiasts alike, PayPal was quick to face flak after users complained of being prevented from moving their digital assets off PayPal's platform.