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- Firm will help cryptocurrencies and fintech firms to come together in the market with payments via cryptocurrencies
- Firm was quite doubtful to enter this space, and now standing among the biggest advocates of cryptocurrencies
- The BlockCard will help the users by acting as a debit account
Recently, the United States-based global fintech firm Ternio announced that the company has joined with Visa’s Fast Track as crypto focused partner to connect blockchain and payment rails. According to Karen Webster, Co-Founder and COO of Ternio, it’s time to bring blockchain into the world of payments. This way of bridging the gap between payments and blockchain will open cryptocurrencies use in the digital payments economy.
What good will this Partnership Bring?
As Ternio has joined with Visa’s Fast Track, the firms will help cryptocurrencies and fintech firms to come together in the market with payments via cryptocurrencies that will ultimately get fulfilled with Visa. This first-ever cryptocurrencies-based enabled partnership will help with the crypto industry’s growth. According to Ian Kane, co-founder of Visa, the firm was quite doubtful to enter this space, and now standing among the biggest advocates of cryptocurrencies.
Why did Ternio Choose Visa?
According to Kane, Visa is a payment company, and it can understand the usage of blockchain, and those crypto assets on top of blockchain have their values. It’s not about specific crypto tokens, rather they need the potentiality to convert and crypto assets into a spendable currency across several shops. According to Daniel Gouldman, Chief Executive Officer at Ternio, as crypto is a DAP sitting on top of the blockchain’s integrated payment layer, to get on there, it requires an ability to operate across global platforms, which are showing doubts about the measure of values.
How will the System Work?
The BlockCard will help the users by acting as a debit account, by which users will be able to withdraw funds easily, without any additional fees or extra charges. This helps users keep crypto’s in their cards, and whenever they wish, they can spend those cryptos. This mode of payment can be accepted in every place where visa cards are accepted. This will make the transactions using crypto very simple and secure, and also it will promote the crypto industry as a viable part of the retail landscape.
We cannot avoid this movement towards the use of cryptos in retail payment services. As some of the central banks were showing interest in digital currencies, it can be concluded that the future is also pointing towards digital currencies issued by the central banks. Notably, Dollar is the reserved currency across the globe currently, due to which the currency will be digitally converted into digital dollars. No matter which cryptocurrency we will be chosen by the users, it will ultimately gate converted into digital dollars. However, the main focus will be on the technology and networks, which will facilitate the transactions.
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With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
