Visa entered its first partnership with a crypto firm in half a year. By signing a Memorandum of Understanding (MoU) with the crypto exchange WhiteBIT, the payments giant is opening the door to a sector that it has left out in the cold for months.
As well as embracing partnerships, recent technology announcements indicate that crypto is finally back in favor at Visa.
Visa’s Crypto Vision Has Been on Ice for Six Months
Back in February, Visa and Mastercard put the brakes on plans to partner with crypto firms in the wake of the bankruptcies and market collapse that had rocked the industry in the preceding months. A Visa spokesperson commented:
“Recent high-profile failures in the crypto sector are an important reminder that we have a long way to go before crypto becomes a part of mainstream payments and financial services,”
Visa and Mastercard have played significant roles in blockchain innovation, particularly in TradFi and banking. Their absence is palpable in the sector.
WhiteBIT and Visa Partner to Push Mainstream Crypto Adoption
Perhaps the most important way that Visa can support crypto firms is through its connection to major banks. After all, the Visa network is the largest card network in the world. Visa currently processes around 242 billion transactions last year.
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Author: James Morales
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