In brief
- Crypto startup ZenGo is joining the Visa Fintech Fast Track program.
- Through the accelerator program, it will have access to Visa staff, tech, and resources.
- ZenGo will work with Visa to develop a non-custodial crypto payment card.
Crypto firm ZenGo, known for its keyless multicurrency wallet, is joining Visa’s Fintech Fast Track program, an accelerator for firms integrating with Visa payment systems.
ZenGo plans to leverage the experience to create a non-custodial crypto payment card for US users, with other locations to follow.
According to a press release, “ZenGo’s credit card will be the first card tied to a self-hosted, on-chain, multi-currency wallet where funds are controlled by the user.” That differentiates it from other crypto payments cards such as Nexo, which use custodial solutions for crypto spending.
ZenGo CEO Ouriel Ohayon told Decrypt, "All crypto cards in the market are controlled by custodians, [which] means that they control your cryptocurrency and how the process of conversion from crypto to fiat is happening."
“This is an important step forward in our quest to make crypto-currency useful and usable by everyone,” said Ohayon in a press release. “Payments is one of the most important and underserved needs of our industry and we are excited to work with Visa on this.”
In short, ZenGo’s final product will be designed not just for storage or swapping, but also spending. By adding support for multiple currencies and leaving control in the hands of users, Ohayon thinks the ZenGo Visa card has the makings of “a winning combination for mass adoption as the market wakes up.”
Of course, it has to be developed first, which is where the Fast Track program comes in. Visa first welcomed US firms to the program in 2019 with the goal of getting services to market, helping them access venture capital, and scaling. As of May of this year, the Fintech Fast Track program had assisted more than 140 companies, including Stripe, Fold, and TrustToken.
"As the preferred network for digital currency wallets, we are excited to help innovative fintechs like ZenGo harness the value of Visa's network," said Visa Head of Crypto Cuy Sheffield, who noted that the payment company “can support ZenGo with access to Visa’s experts, technology, and resources to scale with efficiency.”
Ohayon told Decrypt that the program "helps a young company like us access faster the capabilities usually reserved for large fintechs."
According to a ZenGo press release, “The details will soon be revealed.”