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Visa Plans to Bring Cryptocurrency Services to Traditional Banks in Brazil – Bitcoin News

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Visa, the multinational payments giant, has announced that it plans to offer cryptocurrency services to traditional banking platforms in Brazil. The company also announced that it is working with several crypto companies in the country to bring cryptocurrency payment cards to the market and hinted at the possibility of directly integrating bitcoin into payments.

Visa prepares for crypto integration in Brazil

Credit card giant Visa has announced its plans to integrate cryptocurrency solutions into traditional banking platforms. Eduardo Abreu, Visa’s vice president for new business in Brazil, said the company has plans to develop applications (APIs) to unify traditional banks with crypto products. In this way, it will be possible to make investments in cryptocurrencies and ETFs within banking platforms without an intermediary.

Visa also announced that it is working with several national companies to issue cryptocurrency cards. Among them are Zro Bank, Alterbank and Rippio, which will allow users to link these bank accounts. The Visa executive would not comment on a potential ETA for these developments.

B2B Developments, Bitcoin Direct Payments, and NFTs

Visa revealed that it is also working on a business-oriented (B2B) blockchain that will allow payments to be settled between businesses using smart contracts. Abreu stated that the system was already in the testing stages with some of their customers, and that the company would have more announcements in this regard in the future. This system will enhance transparency in payments between suppliers and suppliers, allowing everyone with access to the system to verify payments and deposits.

Visa also said that it will begin testing direct bitcoin payments in the country. This means that transactions will allow bitcoins to be transferred to other accounts directly. This is very different from what is happening now with most crypto cards, where there must be a broker that exchanges bitcoin for fiat money quickly.

The inclusion of direct bitcoin payments will make the payment process easier and eliminate these middlemen. In March, the CEO of Visa in Brazil stated that he expects to implement this functionality sometime this year. Abreu stated that there is also an NFT initiative in the works for Brazil. Visa has already jumped on the NFT bandwagon by purchasing Cryptopunk, a digital token on the Ethereum network, for $165,000 in ether, in August.

What do you think of Visa combining cryptocurrency with traditional banking platforms in Brazil? Tell us in the comments section below.

sergio@bitcoin.com

Sergio Goshchenko

Sergio is a cryptocurrency journalist based in Venezuela. Describing himself as a latecomer, he entered the crypto space when the price spike occurred during December 2017. Because he has a background in computer engineering, lives in Venezuela, and is influenced by the crypto boom on a social level, he offers a different perspective on the success of crypto and how it helps people who They do not deal with banks and the disadvantaged.

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