With consumer interest and adoption of digital currencies growing globally, Visa announced that its efforts in the cryptocurrency space in Latin America and the Caribbean (LAC) are making substantial progress with new card-based partnerships and other initiatives providing opportunities for businesses, governments and consumers to access the future of digital money.
“As more people and businesses across the region embrace crypto innovation, we at Visa are committed to being a key partner, providing the connectivity, scale, security and value propositions needed for crypto offerings to grow and become widely accepted.”, said Romina Seltzer, Senior Vice President of Products and Innovation, Visa Latin America and the Caribbean.
“The crypto ecosystem continues to gain traction in the region as investment, consumer adoption and crypto-enabled use cases increase, and we will continue to capitalize on our strong strategy to build the future of crypto and payments for our customers, partners and associates. and consumers”, he added.
The company stated that its goal is to add value to all legitimate forms of money movement, originating within and outside the Visa network, “This is core to our network of networks strategy, and our work in the crypto space is a great example of this.”.
Currently, the company’s focus is on recently launched cryptocurrency-based card programs and partnerships with fintechs and cryptocurrency exchange startups in the region, such as the Visa Lemon Cash prepaid card in Argentina, the association with the Satoshi Tango platform and the Crypto.com, Alterbank and Banco Zro cards in Brazil.
“Our mission at Crypto.com is to have crypto in all digital wallets and we are taking incredible steps towards this vision in Latin America as we expand our presence in this important market.”, said Filomena Ruffa, General Manager of Crypto.com for Latin America. America.
VISA
With credentials linked to cryptocurrencies, consumers who convert cryptocurrencies can make purchases in local fiat currency anywhere Visa is accepted, buy crypto assets with your credentials and receive refunds in Bitcoin or other digital currencies.
“In the context of Latin America, cryptocurrencies are a concrete solution to improve people’s lives. At Lemon, we want to contribute to the cryptocurrency revolution across the region, and to that end, we offer a 2% Bitcoin cashback for all purchases paid for with Visa credentials.”, said Borja Martel Seward, co-founder of Lemon.
With these and other card issuance projects underway in Brazil, Argentina, Mexico, Colombia, Peru, and other markets, Visa is supporting the crypto ecosystem in many ways. In addition to card-based solutions, Visa offers infrastructure resources, advisory services, and tools for people to navigate the world of digital currencies and the emerging NFT economy.
In addition to incorporating credentials into digital wallets and working with cryptocurrency platforms, Visa continues to innovate in this space through several global and regional initiatives, including:
- Stablecoin settlement support: Visa is working with partners and focusing on USDC first. This is another important milestone in bridging the gap between traditional and digital currencies.
- Consulting and Innovation Services: Visa is working to enable its clients to understand cryptocurrency trends, develop a crypto strategy consistent with their business needs and goals, and research, design, and test new cryptocurrency experiences and products.
- Central Bank Digital Currency (CBDC): In addition, Visa is collaborating with central banks to identify compelling use cases for Central Bank Digital Currencies (CBDC) to integrate seamlessly into the existing payments ecosystem. . Visa was recently one of nine finalists for the LIFT Challenge Real Digital in Brazil. In the coming months, Visa will work closely with the Central Bank of Brazil to provide advice and guidance to this public-private partnership, in which Visa researchers and engineers will come together to design a working prototype for a proposal submission. from solution.
- New NFT Creators Program – This new initiative seeks to help artists, musicians, fashion designers, and filmmakers who work primarily in digital media to power their small businesses using NFTs. The program lasts for one year and each of its cycles will support a selected group of micro-entrepreneurs interested in deepening their knowledge of the technology and platforms that support NFT trading.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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