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Visa to extend cryptocurrency services to traditional banks in Brazil
Crypto News

Visa to extend cryptocurrency services to traditional banks in Brazil

Saudu Clement
Saudu Clement

Traditional Brazilian banks may soon be able to offer cryptocurrency services, thanks to Visa.

Some officials of the payments giant confirmed that it is working with several cryptocurrency businesses in Brazil to bring crypto payment cards to the market and hinted at a direct integration of Bitcoin payments in the future.

Visa’s Vice President of New Business in Brazil, Eduardo Abreu, said the corporation is developing applications (APIs) to connect traditional banks with cryptographic products.

Abreu noted that Visa has a cryptocurrency-based cash-back scheme, which he believes may be a fantastic catalyst for conventional banks when it comes to client relationships. According to him;

Brazilians already have the culture of receiving card points, miles, discounts, etc. Why not receive cryptocurrencies with your credit card as well?

A banking platform will be employed to directly invest in cryptocurrencies and ETFs, eliminating the need for intermediaries, but company executives did not reveal when the changes will be implemented.

In other news, Visa disclosed that it is partnering with several national firms to create cryptocurrency cards, including Zro Bank, Alterbank, and Rippio.

Visa’s global crypto card adoption is rapidly growing. It approved a Bitcoin spending card for local Australian digital asset startup CryptoSpend in July. It also partnered with BlockFi to launch a BTC reward credit card in the US, according to BTC PEERS.