VISA has already established itself through crypto-compatible cards, thanks to numerous partnerships in the sector. This time the vendor has decided to partner with Circle to offer the same type of service for USDC.
Simplification of USDC Transactions Between Companies with Visa Card
The announcement of this project also came on December 2 through an article in Forbes. Kai Sheffield who is in charge of cryptocurrency issues at VISA, explained that this would be the first card for companies to spend the balance in US dollars. To do this, Circle will first need to fully confirm the VISA Fast Track process, as detailed in the Forbes article.
Circle spokesman Josh Hawkins also confirmed that the card is set to launch in 2021 and is expected to be supported by 60 million sellers hosting VISA. He declined to give details about his company, but it would have to enter into an agreement with the banking institution as part of the deal. This is because Visa rules require cards in the US to be officially issued by the bank.
In recent weeks, 25 purse providers have successfully subscribed to the VISA Fast Track plan before joining the USDC, as the Forbes article highlights. Earlier this year, Coinbase joined a list of major partners that can issue vendor payment cards. More recently, it was BlockFi’s turn to disclose the existence of an agreement allowing the sale of a VISA credit card, which pays a reward in Bitcoin.
If VISA develops so many partnerships in the crypto space, it should continue to expand its network to offer its customers even more opportunities, as Sheffield has stated.
Thus, like PayPal, Visa aims to contribute to the implementation of cryptocurrencies worldwide by expanding its network to this payment solution. While the two events are not directly related, support for online payment providers is an advantage for cryptocurrencies in the looming battle with CBDC.
New Visa Bank Card Will Bring Bitcoins to Its Customers
We should recall that Visa cooperates with BlockFi to prepare a new credit card that will reward for purchases by Bitcoin. Cryptocurrency, peaking at the end of 2020, will be the star of this new Bitcoin Rewards bank card.
In essence, users will need to purchase a subscription for $200 a year through the paid accounts platform BlockFi. With each purchase, cashback (1.5% of the purchase amount) will be returned in BTC.
Visa and fintech are already offering a $250 reward in Bitcoin for anyone who spends more than $3,000 within three months of receiving the card.
The new bank card will appear next year with pre-registration in early 2021. Current BlockFi clients will have priority in the list. This is not the first card that gives access to cryptocurrency, but it will allow BlockFi to continue its way to create a “bank” of Bitcoins.
The principle of its maintenance, in parallel with cryptocurrency buying and selling platforms, is that it allows customers to access a paid account. By contributing their Bitcoins to this account, everyone can receive interest paid monthly in cryptocurrency of their choice.