Shaurya Malwa · 19 hours ago · 2 min read · Insights via ConsenSys
News › Coinbase › U.S. › Adoption
Coinbase is “working closely” with VISA for Bitcoin, crypto adoption
One of America’s biggest crypto-exchange said Friday it was working “closely” with a global payments process on seamless digital asset transfers and adoption.
Coinbase, the San Francisco-based crypto exchange known for its regulation-first approach to cryptocurrencies, said today it was “proud to work with innovators like Visa” to bolster digital currency adoption:
We’re proud to work with innovators like @Visa that are building the bridge between crypto and traditional finance. We’re excited about its vision, commitment to working with leaders in this space, and the potential to connect crypto to its global network. https://t.co/HNz3cFdD9n
— Coinbase (@coinbase) July 23, 2020
The exchange said firms like Visa are helping bridge the gap between crypto and traditional finance. This creates an environment ripe for connecting cryptocurrencies to its global network while bringing together leaders in the [traditional and crypto] space.
Visa lays out digital currency approach
Payments giant Visa, valued at 420 billion dollars and performing over 25,000 transactions per second on its network, laid out its plans for cryptocurrencies in a blog post earlier this week.
Called “Advancing our approach to digital currency,” the firm put digital assets at the center of a new, digital-first strategy to tap more markets and improve financial inclusivity across the world.
Visa notes it is actively working with licensed and regulated digital currency platforms like Coinbase to provide a bridge between digital currencies and our existing global network of 61 million merchants.
The firm points out over 25 digital currency wallets are currently linked to the Visa network, “giving users an easy way to spend from their digital currency balance using a Visa debit or prepaid credential.”
Other developments include innovations like Visa Direct — the firm’s instant fiat-to-crypto bridge that swiftly converts consumers’ digital currencies and adds those to push those their Visa credentials.
Visa said these efforts make the brand optimal for adoption by digital currency wallets — the latter “eager to deepen their value to users by making it quicker and easier to spend digital currency worldwide.”
Stablecoins a big part of the future economy
In its broader strategy for cryptocurrency rollouts in the public sector, Visa said it was liaising with policymakers and regulatory organizations to apprise firms on the benefits of digital currencies.
This includes that of Central Bank Digital Currencies (CBDCs):
“Our work with the World Economic Forum and our collaboration on a set of policy recommendations for central banks exploring the concept of Central Bank Digital Currency (CBDC).”
The firm praised stablecoins being a “promising” new payment innovation; one that brings together the benefits of blockchain technology with the supposed stability of fiat.
“It’s a concept that is gaining traction beyond fintech, and now includes financial institutions and central banks,” said Visa.
Consumers and businesses are also adopting digital currencies and circulation is growing rapidly, reaching over $10 billion in May.