During a recent interview with local Brazilian news outlet Seu Dinheiro, the vice president of new business at payments firm Visa, Eduardo Abreu, said that the firm’s intentions to include crypto assets onto its platform for payments and a store of value, including the leading crypto, Bitcoin (BTC).
Visa Brazil executive outlines plans for the implementation of crypto assets like Bitcoin onto the payments platform. In March 2021, Fernando Teles, Visa’s CEO of Brazil, introduced a concept of adopting tokenized payments, and an application programming interface (API), designed to bridge the gap between crypto services and traditional financial institutions.
During the interview, Abreu shared his thoughts that greater adoption will need the integration of traditional banking activities within the crypto ecosystem so that clients can transact with cryptocurrency and fiat within the same environment.
So far, Visa offers 180 currencies on its platform and will seek to leverage its 170million global customers and create fintech relationships with national banks Ripio, Alterbank, and Zro in maximizing crypto adoption in the region.
There was no particular announcement as to the date of this launch. However, it is widely expected in the coming months. Abreu said:
“The great advantage of adopting Bitcoin is, without a doubt, its ease. Without needing to exchange a fiat currency, there is an optimization of exchanges when using Bitcoin.”
Alongside that service, Abreu also indicated the possibility of clients getting cashback in cryptocurrency:
“Brazilians already have the culture of receiving card points, miles, discounts, etc. Why not receive cryptocurrencies with their credit card as well?”
Visa is not a stranger to making headlines in the crypto space. In a bid to portray its pioneer status as a cultural intermediary of traditional and modern finance, Visa acquired CryptoPunk nonfungible token avatar in August for 50 Ether (ETH) which was valued at $150,000 at the time of sale.