The world’s largest payments processor has said it’s considering partnership proposals from an increasing number of crypto companies.
- Terry Angelos, Visa's global fintech lead told Forbes cryptocurrency companies had shown a "significant interest" in working with the company.
- Although Angelos didn't mention any by name, he said most wanted to plug themselves into the payment processor's network, which has over 60 million merchants in more than 200 countries – the largest of its kind in the world.
- Visa is an increasingly prevalent force in the digital asset space.
- Having first dabbled with a few proof of concepts in 2015, the payment processor has joined (and left) the Libra Association, invested in custodial provider Anchorage and become a member of the Digital Chamber of Commerce – a blockchain advocacy group in the U.S.
- Exchange Coinbase has been Visa's most prominent crypto partner. After initially collaborating on a branded payment card, Coinbase became a principal member earlier this year, giving it the right to issue Visa cards to other crypto companies.
- But Angelos said Visa had already "on-boarded" another 25 crypto companies that were "at various stages of development."
- Some have been through its fast track program, he continued, an initiative that gives selected startups a leg up through guidance and support as well as providing them with access to its payments network.
- Just this month, the crypto lending platform Cred joined the fast track and can now use Visa's network to send interest payments directly to users' bank accounts.
- Asked if Coinbase was likely to remain the only crypto company to be a Visa principle member, Angelos said "we have some that are potentially in the queue."
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.