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An executive from Visa Brazil discusses intentions to integrate crypto assets such as Bitcoin into the payments infrastructure.
Eduardo Abreu, vice president of new business at payments giant Visa, announced the company’s aspirations to integrate crypto assets onto its platform for both payments and as a store of value in a recent interview with local Brazilian news site Seu Dinheiro (BTC).
In March 2021, Visa’s CEO for Brazil, Fernando Teles, announced the concept of tokenized payments as well as an application programming interface, or API, aimed to bridge the gap between traditional financial institutions and crypto services.
During the discussion, Abreu expressed his idea that wider acceptance will necessitate the integration of traditional banking activity into the cryptocurrency ecosystem, allowing users to interact with both fiat and crypto in the same environment.
Visa now supports 180 currencies on its platform and will strive to maximise adoption in the region by using its 170 million global user base and established fintech connections with national banks Alterbank, Ripio, and Zro.
There was no exact date announced for the debut, although it is widely expected to take place in the following months.
“The greatest benefit of embracing Bitcoin is, without a doubt, its simplicity. When adopting Bitcoin, there is an optimisation of transactions because there is no need to swap a fiat currency,” stated Abreu.
Along with this service, Abreu suggested that clients receive cryptocurrency cashback:
“Brazilians already have the culture of receiving card points, miles, discounts, etc. Why not receive cryptocurrencies with their credit card as well?”
Visa is no stranger to generating news in the bitcoin industry. Visa last month purchased a CryptoPunk nonfungible token avatar for 50 Ether (ETH) — $150,000 at the time of sale — in an effort to highlight its pioneer status as a cultural mediator of traditional and modern finance.