Visa Plans to Bring Cryptocurrency Services to Traditional Banks in Brazil

0 20

Visa, the multinational payments giant, has announced it is planning to bring cryptocurrency services to traditional banking platforms in Brazil. The company also announced that it is working with several cryptocurrency companies in the country to bring cryptocurrency payment cards to the market and hinted at a possible direct integration of bitcoin in payments.

Visa Gears Up for Crypto Integration in Brazil

Credit card giant Visa has announced it plans to integrate cryptocurrency solutions into traditional banking platforms. Eduardo Abreu, Visa’s vice president of new business in Brazil, stated the company has plans to develop applications (APIs) to unite traditional banks with cryptographic products. In this way, it would be possible to make investments in cryptocurrencies and ETFs within banking platforms with no intermediates.

Visa also announced it is working with several national companies to issue cryptocurrency cards. Among these are Zro Bank, Alterbank, and Rippio, which will allow users to connect these to bank accounts. The Visa executive did not comment on a possible ETA for these developments.

B2B Developments, Direct Bitcoin Payments, and NFTs

Visa revealed that they are also working on a B2B (business-to-business) oriented blockchain that will allow payment settlement among companies using smart contracts. Abreu stated that the system was already in testing phases with some of their customers, and that the company would have more announcements in this regard in the future. This system would enhance transparency in payments among providers and suppliers, allowing everyone with access to the system to verify payments and deposits.

Visa also stated they will start testing direct bitcoin payments in the country. This means that transactions will allow bitcoin to be transferred to other accounts directly. This is completely different than what happens now with most crypto cards, where there has to be an intermediary that exchanges bitcoin for fiat money on the fly.

The inclusion of direct bitcoin payments will facilitate the payment process and eliminate these intermediaries. In March, the CEO of Visa in Brazil stated it expects to implement this functionality sometime this year. Abreu stated there was also an NFT initiative in the works for Brazil. Visa has already jumped onto the NFT bandwagon by purchasing a Cryptopunk, a digital avatar on the Ethereum network, for $165K in ether, in August.

What do you think about Visa combining crypto and traditional banking platforms in Brazil? Tell us in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 60,004.00
ethereum
Ethereum (ETH) $ 4,106.41
binance-coin
Binance Coin (BNB) $ 476.01
tether
Tether (USDT) $ 1.01
cardano
Cardano (ADA) $ 2.00
solana
Solana (SOL) $ 194.83
xrp
XRP (XRP) $ 1.07
polkadot
Polkadot (DOT) $ 42.52
dogecoin
Dogecoin (DOGE) $ 0.311151
shiba-inu
Shiba Inu (SHIB) $ 0.000071
usd-coin
USD Coin (USDC) $ 1.01
terra-luna
Terra (LUNA) $ 41.53
chainlink
Chainlink (LINK) $ 30.51
avalanche-2
Avalanche (AVAX) $ 63.88
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 59,911.00
binance-usd
Binance USD (BUSD) $ 1.01
uniswap
Uniswap (UNI) $ 25.01
litecoin
Litecoin (LTC) $ 186.83
matic-network
Polygon (MATIC) $ 1.91
algorand
Algorand (ALGO) $ 1.83
cosmos
Cosmos (ATOM) $ 40.02
bitcoin-cash
Bitcoin Cash (BCH) $ 574.63
vechain
VeChain (VET) $ 0.131689
fantom
Fantom (FTM) $ 3.32
stellar
Stellar (XLM) $ 0.345562
axie-infinity
Axie Infinity (AXS) $ 127.27
dai
Dai (DAI) $ 1.01
internet-computer
Internet Computer (ICP) $ 43.82
ftx-token
FTX Token (FTT) $ 59.64
filecoin
Filecoin (FIL) $ 58.98
ethereum-classic
Ethereum Classic (ETC) $ 52.47
tron
TRON (TRX) $ 0.095418
compound-ether
cETH (CETH) $ 82.16
theta-token
Theta Network (THETA) $ 6.37
near
Near (NEAR) $ 11.99
okb
OKB (OKB) $ 22.46
staked-ether
Lido Staked Ether (STETH) $ 4,075.42
hedera-hashgraph
Hedera (HBAR) $ 0.372338
tezos
Tezos (XTZ) $ 6.17
elrond-erd-2
Elrond (EGLD) $ 261.36
crypto-com-chain
Crypto.com Coin (CRO) $ 0.191394
monero
Monero (XMR) $ 266.68
the-graph
The Graph (GRT) $ 0.960935
pancakeswap-token
PancakeSwap (CAKE) $ 18.66
aave
Aave (AAVE) $ 333.33
eos
EOS (EOS) $ 4.42
klay-token
Klaytn (KLAY) $ 1.58
cdai
cDAI (CDAI) $ 0.021861
olympus
Olympus (OHM) $ 1,162.00
flow
Flow (FLOW) $ 12.51
quant-network
Quant (QNT) $ 290.12
harmony
Harmony (ONE) $ 0.355882
compound-usd-coin
cUSDC (CUSDC) $ 0.022473
thorchain
THORChain (RUNE) $ 12.49
iota
IOTA (MIOTA) $ 1.25
ecash
eCash (XEC) $ 0.000181
kusama
Kusama (KSM) $ 371.54
bitcoin-sv
Bitcoin SV (BSV) $ 161.05
leo-token
LEO Token (LEO) $ 3.13
neo
NEO (NEO) $ 41.29
waves
Waves (WAVES) $ 28.50
terrausd
TerraUSD (UST) $ 1.01
helium
Helium (HNT) $ 25.66
bitcoin-cash-abc-2
Bitcoin Cash ABC (BCHA) $ 134.51
huobi-btc
Huobi BTC (HBTC) $ 60,036.00
bittorrent-2
BitTorrent (BTT) $ 0.003577
arweave
Arweave (AR) $ 47.53
magic-internet-money
Magic Internet Money (MIM) $ 1.02
celo
Celo (CELO) $ 6.51
maker
Maker (MKR) $ 2,329.16
sushi
Sushi (SUSHI) $ 10.74
amp-token
Amp (AMP) $ 0.043301
celsius-degree-token
Celsius Network (CEL) $ 4.71
enjincoin
Enjin Coin (ENJ) $ 2.13
blockstack
Stacks (STX) $ 1.87
safemoon
SafeMoon (SAFEMOON) $ 0.000003
curve-dao-token
Curve DAO Token (CRV) $ 4.94
compound-governance-token
Compound (COMP) $ 315.35
dash
Dash (DASH) $ 181.91
holotoken
Holo (HOT) $ 0.010604
omisego
OMG Network (OMG) $ 12.97
theta-fuel
Theta Fuel (TFUEL) $ 0.331098
zcash
Zcash (ZEC) $ 152.69
havven
Synthetix Network Token (SNX) $ 9.69
chiliz
Chiliz (CHZ) $ 0.316266
nexo
NEXO (NEXO) $ 2.96
huobi-token
Huobi Token (HT) $ 9.35
decred
Decred (DCR) $ 111.14
nem
NEM (XEM) $ 0.162304
ecomi
ECOMI (OMI) $ 0.006600
spell-token
Spell Token (SPELL) $ 0.019827
secret
Secret (SCRT) $ 9.21
qtum
Qtum (QTUM) $ 12.70
mina-protocol
Mina Protocol (MINA) $ 4.73
icon
ICON (ICX) $ 1.92
true-usd
TrueUSD (TUSD) $ 1.01
zilliqa
Zilliqa (ZIL) $ 0.098866
kucoin-shares
KuCoin Token (KCS) $ 16.10
yearn-finance
yearn.finance (YFI) $ 34,647.00
osmosis
Osmosis (OSMO) $ 5.73