Credit card giant Visa has entered into a partnership with a number of cryptocurrency-friendly platforms, including Binance, Coinbase, Crypto.com and BlockFi, to enable consumers to spend their virtual money. The platform will allow for the spending of cryptocurrencies in all Visa-powered stores.
Visa has been mulling the possibility of enabling bitcoin payments at its merchants for some time. The idea was to allow consumers to spend their bitcoin holdings directly on goods without first exchanging them for money. To do this, Visa has partnered with 60 cryptocurrency platforms, which will provide the option at 80 million merchant locations globally. This level of support is unique in the crypto sector, and their payment network will be one of the biggest. Additionally, Visa said that it would continue to help the cryptocurrency ecosystem in various ways.
Visa joined forces with Coinbase, Crypto.com, Binance, Blockfi and more to offer its users more options when it comes to paying for items online. Since last year, the companies have been working together on this project so consumers can spend their bitcoins or altcoins at participating merchants.
Visa is a global payment network that offers credit and debit cards to over 200 countries. They are focusing on the cryptocurrency market by starting to accept cryptocurrencies as a form of payment, which will enhance their presence in the digital currency market.
While cryptocurrency has a long way to go before reaching mainstream adoption, the partnership between Visa and cryptocurrency companies can help bring crypto into everyday society. Partnering with an industry giant like Visa is a huge step in the right direction. The partnership will also help gain a more comprehensive understanding of how cryptocurrency works, which could contribute towards the overall acceptance of blockchain technology and bitcoin in general.