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February 5, 2021
Comments Off on Visa to give permissions to transact in digital currencies in banks
Visa’s plan to accept crypto
As it is well known that Visa is a payment gateway that enables transactions at banks. Visa has tie-up with many national and multi-national banks across the world. The company is trying to channelize the cryptocurrency as well. It has plans to allow the trading of digital currency in banks through its 
platform. Therefore, it’s developing a software. This software will enable the trading of digital currency in commercial banks. The software will allow its users to buy and sell Bitcoin and other cryptocurrencies at banks.
platform. Therefore, it’s developing a software. This software will enable the trading of digital currency in commercial banks. The software will allow its users to buy and sell Bitcoin and other cryptocurrencies at banks.The set-up plan of Visa
Visa had execution plans for including cryptocurrencies under its wings. So it did the following. Visa approached a start-up company named Anchorage Trust Company. It is located in South Dakota. Anchorage became the first company for receiving a federal charter from OCC (Office of Comptroller of the Currency). This company will be the digital custodian for all cryptocurrencies. It will be the custodian for all banking partners for Visa. The first bank to accept this offer from Visa is First Boulevard. The bank integrated the services offered by Visa into its own banking channel.
Its importance to Visa
Though crypto is a very attractive option, still it is a bit confusing for its customers. The prices are soaring high and moving in an upward direction. So, the traders and bankers have to take some steps to utilize the opportunity. The SEC (Security and Exchange Commission) is also trying to make its grip on digital currency. It is all due to its increasing prices and growing popularity. The SEC is also trying to protect its customers from the scams and frauds of the crypto world.
Al Kelly is the chief executive at Visa. In a recent earning call in the company, he spoke about Bitcoin. He said that Bitcoin’s consideration could be equal to digital gold. Also, he made a point about crypto transactions. He said that its usage is not significant as a payment method. Therefore, he wants to grab this opportunity. For him, it is all about numbers. But his emphasis was on something safe in the long run.
Kelly’s opinion
Kelly spoke about his strategy made to channelize this opportunity. He is thinking to coordinate with digital 
wallets and crypto exchanges. So, this step will help the users to buy cryptocurrency via their Visa cards. Moreover, they will be able to change it to fiat currency also through Visa. These two procedures can happen at any place, where Visa gets accepted. So, these transactions can happen through 70 million merchants across the globe.
wallets and crypto exchanges. So, this step will help the users to buy cryptocurrency via their Visa cards. Moreover, they will be able to change it to fiat currency also through Visa. These two procedures can happen at any place, where Visa gets accepted. So, these transactions can happen through 70 million merchants across the globe.His team has already approached multiple platforms of cryptocurrencies. During his call, he mentioned that he narrowed down the number to 35. So, 35 crypto exchanges and crypto wallets got selected to be a part of this new idea. They will be issuing Visa cards. Hence, all these platforms will accumulate to 50 million Visa cards.
