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Visa and Mastercard support the use of cryptocurrencies in the financial services industry



The payments companies Visa and Mastercard, both issued individual statements supporting cryptocurrencies for digital payments.

Visa stated in its blog post “Advancing our approach to digital currency”:

We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places.

Visa added:

As such, we want to help shape and support the role they play in the future of money. We look forward to sharing more with you on this work in the months that follow.

Visa has worked closely with crypto platforms such as Coinbase and Fold and has made investments in digital assets custody business Anchorage.

The global payments technology company also said that its research team has explored “the science of blockchain technology for several years.”

Visa and Mastercard support the use of cryptocurrencies in the financial services industry

Mastercard has also supported blockchain technology and cryptocurrency through its new programme aiming to increase its partner base for crypto payment cards.

Visa and Mastercard were both initially partners of the cryptocurrency project of Facebook, Libra. They both pulled away from it but have not stopped supporting the use cryptocurrencies.

In the end of May, Swiss decentralized finance (DeFi) platform Eidoo and Visa teamed up to bring new Visa crypto debit card for users in the United Kingdom and Europe. To bridge the gap between digital assets and traditional financing, the Swiss startup Eido a Visa crypto debit card with regulated stablecoins for crypto-fiat conversion.

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Visa and Mastercard support the use of cryptocurrencies in the financial services industry

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