Cryptocurrency News

Visa wants to introduce crypto services to traditional banks in Brazil

  • Visa is developing a platform that would allow banks in Brazil to offer crypto services to their customers
  • Visa is also working with a few payment companies to promote crypto card payments in Brazil
  • The payment giant has been increasing its presence in the crypto space in the past few months

Leading payments company Visa is expanding its presence in the cryptocurrency space and now wants to launch a service that would include traditional financial institutions.

Visa to launch crypto services for banks in Brazil

Visa has announced that it is working on launching a new service in Brazil that would make it easy for the traditional banks to offer cryptocurrency services to their customers. Furthermore, the payments giant said it is working with some crypto companies in the country to bring cryptocurrency card payments to the market.

Eduardo Abreu, Visa’s vice president of new business in Brazil, revealed that the company intends to develop applications (APIs) that would unite cryptocurrency products with the traditional financial institutions.

Visa is working on a B2B (business-to-business) oriented blockchain that would make it easy for businesses to make payments using smart contracts. Abreu stated that the system is already in the testing phase, and Visa could launch it once it is finished.

Furthermore, Visa said it is testing direct Bitcoin payments in Brazil. This implies that transactions would enable users to transfer bitcoin from one account to other.

Visa wants to promote crypto card payments

The payment company also wants to promote cryptocurrency card payments in Brazil. Abreu revealed that it is working with Zro Bank, Alterbank, and Rippio to allow users to connect them to bank accounts.

Visa has been increasing its presence in the crypto space. The company recently bought a CryptoPunk NFT for $150,000.

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