Crypto Companies Are Lining Up to Work With Us, Says Visa Exec
A growing force in the crypto space, Visa says it's getting more and more industry firms interested in payments partnerships.
Sep 24, 2020 at 10:30 a.m. UTCUpdated May 9, 2023 at 3:11 a.m. UTC
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The world's largest payments processor has said it's considering partnership proposals from an increasing number of crypto companies.
- Terry Angelos, Visa's global fintech lead told Forbes cryptocurrency companies had shown a "significant interest" in working with the company.
- Although Angelos didn't mention any by name, he said most wanted to plug themselves into the payment processor's network, which has over 60 million merchants in more than 200 countries – the largest of its kind in the world.
- Visa is an increasingly prevalent force in the digital asset space.
- Having first dabbled with a few proof of concepts in 2015, the payment processor has joined (and left) the Libra Association, invested in custodial provider Anchorage and become a member of the Digital Chamber of Commerce – a blockchain advocacy group in the U.S.
- Exchange Coinbase has been Visa's most prominent crypto partner. After initially collaborating on a branded payment card, Coinbase became a principal member earlier this year, giving it the right to issue Visa cards to other crypto companies.
- But Angelos said Visa had already "on-boarded" another 25 crypto companies that were "at various stages of development."
- Some have been through its fast track program, he continued, an initiative that gives selected startups a leg up through guidance and support as well as providing them with access to its payments network.
- Just this month, the crypto lending platform Cred joined the fast track and can now use Visa's network to send interest payments directly to users' bank accounts.
- Asked if Coinbase was likely to remain the only crypto company to be a Visa principle member, Angelos said "we have some that are potentially in the queue."
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