Visa Expands Blockchain Push With a BVNK Stablecoin Deal

Visa has inked a strategic deal with London-based fintech company BVNK. The latter secured funding from Visa Ventures, further deepening the traditional financial firm’s push into the blockchain space. Leveraging BVNK’s Low Transaction Cost and Real-time Settlement Visa intends to leverage BVNK’s stablecoin payment infrastructure to establish itself in blockchain-based settlement technologies further. This underscores the growing interest of traditional financial firms in utilizing blockchain technology to improve the efficiency and cost-effectiveness of cross-border payments. BVNK has a reputation for being a leading provider of digital payment services that serve as a bridge between cryptocurrencies and traditional financial systems. It has a record of yearly processing over $12 billion in stablecoin transactions, including widely used assets like Circle’s USDC and Tether’s USDT. Its low transaction cost and capacity to offer real-time settlements have earned it a position amongst the top payment infrastructures. It ranks amongst the key enablers of faster and more streamlined digital financial services for businesses worldwide. By collaborating with BVNK, Visa is set to leverage the stellar pedigree of the stablecoin payment infrastructure firm. Meanwhile, the details about the financial terms of their deal were not disclosed. World Network Set to Partner With Visa for Seamless Payment World Network, a blockchain system linked to the biometric ID project Worldcoin, contacted Visa in the same spirit of partnership and stablecoin business. The network plans to add Visa card financial features to its self-custody crypto wallet. Ultimately, the goal is to make World Wallet function as a small digital bank. In the long run, users can trade different currencies, store money, send payments, and even purchase merchandise through the wallet. A deal like this has the prospect of returning control to the people’s hands, a challenge in the traditional financial sector that crypto has attempted to address. Meta Re-enters Crypto Market With a Focus on Stablecoins The increasing institutional interest in crypto has forced Meta to reconsider returning to the industry. According to the parent company of Facebook and Instagram, it is returning to the crypto space with a renewed focus on stablecoins. In preparation, Meta has begun to hold discreet consultations with leading crypto infrastructure providers. Meta is rumored to be weighing a multi-token approach that potentially integrates leading stablecoins like Tether’s USDT and Circle’s USDC into its social platforms. The post Visa Expands Blockchain Push With a BVNK Stablecoin Deal appeared first on TheCoinrise.com .