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Breaking News: Bitcoin Crashes Below $67,000 As Stifel Warns Of Potential Drop To $38,000
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Breaking News: Bitcoin Crashes Below $67,000 As Stifel Warns Of Potential Drop To $38,000

Why VISA Thinks Bitcoin Has Potential In Cross-Border Transactions

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 1:55 pm
2 mins read
Bitcoin BTC BTCUSD

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Payments giant Visa has been expanding its involvement with Bitcoin and cryptocurrencies. Per their Q2, 2021, Earnings Call, the company has a long roadmap and many plans to integrate these assets into its payment network.

Al Kelly, Chairman, and CEO at Visa talked about the “opportunities” the company is and would like to explore with BTC and digital assets. Kelly said he views this cryptocurrency as a “digital gold” due to the fact that people “hold” on to it.

In the crypto industry, Visa will focus on 5 areas. The first is to allow consumers to purchase Bitcoin and other cryptocurrencies. The executive said Visa is working with exchange platforms and wallets to enable this feature. Kelly added:

I would say that this is a space that we are leaning into in a very, very big way and I think are extremely well-positioned.

Later, the payments giant is working on allowing customers to use a crypto cash-outs service. Thus, Visa’s network can convert funds in BTC or other cryptocurrencies into fiat. The converted funds will be available to make purchases at the 70 million Visa merchants. Kelly believes this will give “immediate utility to the digital currency”. He added:

We’ve got over 35 digital-currency platforms and wallets that have chosen to work with us. Coinbase, Crypto.com, BlockFi, Fold, Bitpanda are just some examples. And so that’s certainly a second big opportunity.

Bitcoin With Broader Use Cases On Top Of Visa

On the other hand, the company seeks to give its corporate partners and institutions a “crypto option”. With that in mind, Visa has created APIs.

These allowed for institutions to offer a buy, trade, and custody feature supported by Anchorage, a digital asset bank based in the United States. Later, Kelly referred to their fourth opportunity, settlement:

We’ve upgraded our infrastructure to allow a financial institution to settle with these in a digital currency with stablecoin, starting with USDC. (…) So, we’re going to now be able to support digital currencies as an additional settlement currency on our network.

For this purpose, Anchorage will also be a key component. The digital asset bank will aid Visa to integrate the mechanism to settle transactions in stablecoins, such as USD Coin (USDC). On their final area of opportunity, Kelly said its company will develop partnerships with banks.

In that way, they will incorporate and help secure central bank digital currencies (CBDC). On Bitcoin’s role in Visa’s plans, Vice Chairman and CFO, Vasan Prabhu, said the following:

The other use case that holds a lot of potential is to the extent that crypto-related transactions become significant, and we’re enabling, as you know, a vast number of them, one use case that is particularly useful in either stablecoin or Bitcoin-type scenarios is cross-border.

BTC is trading at $54.650,71 with sideways movement in the daily chart. In the weekly and monthly chart, BTC has minor losses with a 2.8% and 1.9%, respectively.

Bitcoin BTC BTCUSD
BTC moving sideways in the 24-hour chart. Source: BTCUSD Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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