VISA Not Letting the Competition Get All the Spotlight
By Tyler Smith – Cryptocurrency Broker
After a recent announcement by Mastercard addressed their expanding support for cryptocurrency trading and transactions, VISA has also come forward with a similar press release, confronting and keeping up with competition.
VISA has a plan for providing a quicker and more natural way of spending digital currency worldwide. According to their announcement, Visa have seen more than 25 digital currency wallet providers link with their services. As these partnerships develop, VISA is aiming to extend the service to 61 million current users. Mastercard’s most prominent agreement is with Wirex, a platform that enables direct access to buy and sell cryptocurrency to its customers.
Similar to Mastercard’s Accelerate Program, VISA is also working on their FastTrack scheme. This in turn will help other FinTech and eccommerce platforms in the cryptocurrency space integrate more efficiently with Vias’s borderless network. They are also expanding their integration and support of blockchain networks and digital currencies in response to greater client and customer demand.
The research team at VISA’s organization is also conducting on-chain blockchain research, including exploring potential smart contract utility, improvement of security and privacy on Bitcoin and Ethereum. It also introduced their two new projects. The first, FlyClient, is a protocol aimed at completing transactional validations through nodes.
The other project is called Zether, a mechanism of payment that will enhance privacy when executing smart contracts. The values and goals which have been set by the two FinTech giants are quite remarkably similar, with a plan to add new partners and opportunities soon. They are also in talks with leading regulatory authorities and organizations from all over the world for compliance with anti-terrorism funding and anti-money laundering guidance.