Visa lays out platform-agnostic approach to crypto, blockchain

Global financial services giant Visa is no stranger to the world of cryptocurrencycryptocurrency, having partnered with regulated platforms and wallets such as Coinbase and Fold. However, the company made it clear today that cryptocrypto and blockchain will be an increasingly large part of its future.

In a blog post titled “Advancing our approach to digital currency,” Visa today outlined some of the ways in which it has already played in the crypto space, noting the aforementioned companies amongst more than 25 firms to date that have linked their wallet products to Visa. Such efforts bridge the gap between cryptocurrencies and Visa’s 61 million global merchants.

Visa also called out last year’s investment in Anchorage, a digital currency infrastructure security startup, along with the work of Visa’s own internal research team that has been involved in blockchain efforts for years now.

What’s most interesting about the post, however, is the philosophy that Visa has established towards its future work in crypto and blockchain. Visa notes that it will remain agnostic in regards to currencies and networks while continuing to focus on aspects like technology and security, and “support the digital currencies and blockchain networks that our clients and partners demand.”

Bitcoin startup Fold partners with Visa on new crypto cashback card

Bitcoin startup Fold, which allows users to earn Bitcoin cashback rewards on everyday purchases, has teamed up with Visa as part of the payment giant’s Fintech Fast Track Program. Through Fast Track, Fold will be able to provide its customers with a Visa co-branded credit card that can be used to make purchases with most major retailers. Every purchase made using the card will earn the recipient Bitcoin rewards which can then be saved, transferred to external digital wallets, or used to buy gift...

Visa will also continue to help educate policymakers and organizations about the benefits of cryptocurrency and blockchain technology, having already worked with the World Economic Forum on policy recommendations regarding Central Bank Digital Currency (CBDC).

“We know that policy leaders and regulators continue to have questions and concerns about digital currencies on a range of issues, from consumer protection to payments resilience,” the post reads. “We believe the best way to address these concerns is by working closely with leading companies and the public sector.”

“For more than 60 years, Visa has invested in building and maintaining a resilient global network that delivers best in class functionality to our clients and consumers,” the post continues. “Extending this legacy into the decades ahead requires continuous innovation and collaboration with a range of partners.”

Will Reeves, founder and CEO of the aforementioned Fold wallet, has worked closely with Visa, including partnering with the company in April for a crypto cashback card. He suggests that Visa’s post today isn’t bluster.

“We’ve been working with Visa for a while now at Fold and I’ve been blown away by the awareness and commitment to Bitcoin and digital currency at all levels of the organization,” he tweeted today, alongside the link to the post.