With access to over 61 million merchants globally, Visa is one of the largest payment companies to create a roadmap for adopting cryptocurrencies on its platform. Visa acknowledges that the advent of Bitcoin and stablecoins such as Tether are a form of financial innovation that has brought benefits to consumers and merchants. In that sense, they highlight the rapid expansion that cryptocurrencies have reached as a payment method. In May 2020, circulation with cryptocurrencies reached USD 10 billion.
One of the relevant obstacles in Visa’s roadmap is the position of politicians, regulators, and other government entities. The payment company said it has been working with regulated entities, including Coinbase and Fold, to create a bridge between digital currencies and its payment network. As a result, 25 crypto wallets are linked to the services offered by Visa. This way, users of these services can use their funds in cryptocurrencies to spend them with Visa cards or a prepaid credential, according to crypto-news-flash.com.
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