The global payment giant, Visa has disclosed that it has been working closely with licensed and regulated digital currency platforms like Coinbase. This new development will bridge the gap between digital currencies and its existing global network, with merchants to the tone of 61 million.
Recall, that couple of weeks back, Visa made a big move towards getting a patent for digital currency on the blockchain, through the possible use ETH protocol, with the Patent and Trademark Office in the United States.
The patent application disclosed two purposes. One of which would show, according to the filing, “the digital currency for an amount associated with the denomination has been created for a public key associated with a digital wallet.” The other record notes the “removal of the physical currency from circulation in a fiat currency system.”
So, this means that the global payment giant is on its way to sealing a deal that reaffirms its position as the major global partner in the shift to monetary digitalization that is bound to happen very soon. This major shift is definitely going to have an impact in the digital currency space.
What To Know About VISA
Meanwhile, more than 25 digital currency wallets around the world have already been linked to the global payment giant, Visa. This previous development is giving users an easy way to spend from their crypto-asset through the use of their debit Visa card.
Visa is the world’s second-largest card payment organization (debit and credit cards combined). They were surpassed by China UnionPay in 2015, based on the annual value of card payments transacted and the number of issued cards.
In 2015, the Nilson Report, a publication that tracks the credit card industry, found that Visa’s global network (known as VisaNet) processed 100 billion transactions during 2014 with a total volume of US$6.8 trillion.
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