Visa considering partnering with crypto businesses

Visa, a large payments processor, has announced it is considering partnership proposals from an increasing number of crypto companies.

According to CoinDesk, Visa’s global fintech lead told Forbes cryptocurrency companies had shown interest in teaming up with them. Furthermore, most companies wanted to plug themselves into the payment processor’s network. Visa already onboarded 25 crypto companies that were at various stages of development. Some have been through its fast track program, an initiative that gives selected startups guidance and support as well as provides them with access to its payments network.

In September 2020, the crypto lending platform Cred joined the fast track and can now use Visa’s network to send interest payments directly to users’ bank accounts.

Visa has been experimenting with the digital asset space since 2015. Later it joined (and left) the Libra Association, invested in custodial provider Anchorage, and become a member of the Digital Chamber of Commerce, a blockchain advocacy group in the US.

So far Coinbase, a cryptocurrency exchange, has been Visa’s most prominent crypto partner. After initially collaborating on a branded payment card, Coinbase became a principle member earlier in 2020, giving it the right to issue Visa cards to other crypto companies.