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- Visa, the rival of Bitcoin and cryptocurrency, is becoming its bigger advocate
- Recently Visa has rolled out plans for helping its clients to launch Bitcoin trading services
- The credit card service provider considers Bitcoin and cryptos as digital gold instead of an alternative payment system
Visa, the credit card firm, is observed becoming the biggest cheerleaders of Bitcoin and digital currency. Over the past few years, the firm has partnered with more than 35 Bitcoin and cryptocurrency platforms. Recently, the firm has revealed its roadmap, where the final destination is to help banks launch Bitcoin buying and trading service. Visa will fulfil such demand of banks with a crypto software program that is expected to be released later this year. However, observing the firm’s movement, it seems like Bitcoin has also turned its one time enemy.
Visa to scale up its role as a network of networks
This month, Visa had partnered with First Boulevard, a Black-focused digital bank based in Kansas. It is expected that the digital bank will be the first to pilot the APIs that will be helping Visa bank clients. On the other side, the firm also partnered with Anchorage, a federally chartered cryptocurrency custodian. And the custodian will be holding the cryptos on behalf of Visa’s clients. Indeed, the pilot is expected to serve as the first step in supporting API capabilities, helping Visa’s clients integrate crypto features.
Cuy Sheffield sees crypto assets as more like digital gold
Bitcoin’s bullish rally, which was sparked last year, is continuing to take the token towards a new all-time high. At press time, the token is trading at a new all-time high level near $61k. However, the token’s tremendous performance has helped to grow its popularity among investors around the world. Although instead of an alternative payments system, many see the coins as highly speculative assets and inflationary hedge.
Following the scenario, Cuy Sheffield, Visa’s head of crypto, committed that they see digital assets like digital gold. Moreover, he considered that there is less demand for spending Bitcoins. Al Kelly, the chief executive officer of Visa, also considered Bitcoin as digital gold while speaking at its fiscal Q1 2021 earnings call. He also mentioned that at the current point, virtual assets are not being used as a form of payment in a significant way.
