The financial services provider Visa announced that digital currencies will be implemented in Visa’s payment transactions. This is therefore probably the next step towards filing a patent for a digital currency in May this year.
Visa`s „own cryptocurrencies
The financial technology giant Visa has been focusing on cryptocurrencies for some time now and recognizes the potential that these currencies have. This is probably the reason why they have set about developing their own cryptocurrencies.
Visa submitted a patent application for this to the US Patent Office in November 2018. However, the official publication of the application was only in May of this year. The cryptocurrencies designed by Visa are expected to be operated on the Ethereum blockchain. It is also a stable coin, which is based on the US dollar.
Integration of digital currencies
It can be seen that the US group is not standing still technically and continues to work on its digitalisation. Having its own stable coin should certainly be an incentive for the company to include digital currencies in its financial division.
For implementation, Visa worked with two licensed and regulated digital currency platforms, Coinbase and Fold. The company has already linked over 25 different wallets to Visa. Visa therefore enables its customers to issue these digital currencies wherever Visa direct debit or Visa prepaid is accepted – over 61 million merchants worldwide.
Only stable coins for the time being
The US financial services provider announces in the blog post published on 22 July that for the time being only stable coins, e.g. Fiat-based, will be integrated. Further it can be read out that this kind of digital currency combines the advantages of cryptocurrencies with the „stability“ of Fiat currencies.
The company has gained a lot of experience and has been able to write great successes as a result. According to Visa, this is due to continuous investment in „building and maintaining a resilient global network“. Of course, this also includes the inclusion of new concepts. That is what it says:
We are in the process of reshaping the way money is moved around the world, and that means pursuing a wide range of technologies and partnerships. In this respect, digital currencies offer us an exciting opportunity to continue doing what we do best: expanding our network-of-networks to support new forms of trade.