Visa’s Partnership with WhiteBIT Signals a Shift Towards Embracing Crypto
Visa has entered into a partnership with crypto exchange WhiteBIT, marking its first foray into the crypto sector in six months. This move demonstrates a change in Visa’s stance towards cryptocurrencies, after previously putting plans on hold due to industry failures and market collapse. The collaboration with WhiteBIT aims to leverage Visa’s extensive network of bank and FinTech partners, supporting the exchange in building relationships with banks interested in implementing crypto-related products. Yevgen Lisnyak, Senior Director at Visa, expressed the company’s belief in the potential of cryptocurrency and highlighted the partnership’s goal of integrating cryptocurrencies into the mainstream financial sector.
Key Points:
- Visa had temporarily halted plans to partner with crypto firms following industry failures and market collapse.
- Visa’s partnership with WhiteBIT aims to utilize its network of bank and FinTech partners.
- WhiteBIT intends to collaborate with Visa to launch card programs and integrate cryptocurrencies into the mainstream financial sector.
- Visa has tested a technique for card-based Ethereum gas fee payments, exploring ways to reduce friction for Ethereum users.
- This shift in Visa’s approach suggests a growing acceptance of cryptocurrencies and a desire to embrace the sector.
Hot Take:
Visa’s partnership with WhiteBIT and its exploration of card-based Ethereum gas fee payments indicate a significant shift in the company’s attitude towards cryptocurrencies. By leveraging its extensive network, Visa is positioning itself to play a major role in the mainstream adoption of crypto. This move not only benefits Visa and its partners but also signals a broader acceptance of cryptocurrencies in the traditional financial sector.
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