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Cryptocurrency

VISA crypto plans may take off soon

Redwan Eid | Mar. 18, 2019
VISA crypto plans may take off soon

March 18, 2019, | AtoZ Markets - Visa Inc., the well-known international financial services corporation, has just announced a new position pertinent to cryptocurrency. Can the market expect VISA Crypto plans to go live?

VISA sounds to have already built its ‘VISA Crypto Team’, as the advertisement says the “Technical Product Manager” will be appointed in the aforementioned team.

The corporation mentioned in its announcement that the team referred to will foster VISA's product strategy within the cryptocurrency ecosystem, to deliver VISA's new products to its Fintech space.

VISA crypto plans and actions

Over the last few months, the American financial giant displayed considerable interest in the crypto market and the blockchain technology, as it had announced the last month its intention for expanding its Fintech fast-track program to the Central and Eastern Europe, Africa and the Middle East, the thing that will allow Fintechs to connect to VISA’s payment network within a short period of time.

Based on the above-mentioned, some of VISA crypto plans have already materialised, as VISA holds a foot in the cryptocurrency market indirectly through helping Ripple’s partner InstaRem. Earlier, the American crediting corporation bought Earthport Plc which was also a Ripple-partnered British Fintech, paying around 198 million pounds. VISA also launched in 2017 a blockchain-based programme for processing cross-border payments.

All of The U.S. Commerce Bank, South Korea’s Shinhan Bank, the Union Bank of Philippines, and the United Overseas Bank in Singapore were mentioned among the first partners that could make direct transactions from one to another via Visa’s B2B technology based on the blockchain system, as per the official statement from Visa.

MasterCard Blockchain Patents are already earned

In a matter of fact, it is not only Visa that is making efforts in investing in the cryptocurrency market and the blockchain technology, either directly or through intermediaries.

MasterCard had already filed for a number of blockchain-related patents, according to reports. The MasterCard blockchain patents were for its new system on partitioned blockchains and enhanced privacy for permissioned blockchains, which allows the credit card firm to store multiple transaction types and formats. 

The well-known crediting company had filed also for a patent for a system to combat identity theft in blockchain, in addition to a system for expediting the activation of new blockchain nodes.

MasterCard had proposed in the summer of 2017 a new method for a new mechanism for linking assets between blockchain-based with fiat currency accounts, depending on publish permissionaless blockchain.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.