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Adoption

Payment giant Visa will continue connecting the crypto economy to its “network of networks” to support the broader digital transformation of financial services.

Global payments giant Visa will continue to support the development and adoption of the cryptocurrency industry as part of its business, the company said in its latest crypto update.

In an official statement on Wednesday, Visa announced that its crypto-enabled cards processed more than $1 billion in total spending in the first half of 2021.

The company noted that Visa is partnering with 50 major companies in the crypto industry as well as crypto card programs enabling users to convert and spend digital currency at 70 million merchants worldwide. Given the size of spending on Visa crypto-linked cards, the company said that “it’s clear that the crypto community sees value in linking digital currencies to Visa’s global network.”

Visa emphasized that its digital currency support does not require global merchants to accept cryptocurrencies like Bitcoin (BTC) directly though. As previously reported, Visa has been working with major crypto players like cryptocurrency exchange platform Crypto.com to enable a crypto settlement system for fiat transactions. The company has also been closely working with other major crypto companies like FTX exchange, Coinbase, CoinZoom, and others.

The firm also stated that stablecoins — cryptocurrencies pegged to the value of other assets or fiat currencies like the United States dollar — are “starting to live up the promise of digital fiat,” outlining its developer-friendly features combined with the reliability of fiat-backed reserves. “Stablecoins are on track to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support that development,” the company wrote, adding:

“We’ve been busy at Visa, connecting the crypto economy to our ‘network-of-networks,’ a strategy designed to add value to all forms of money movement, whether on the Visa network, or beyond.”

One of the world’s largest payment companies, Visa made a major move into the crypto industry last year, partnering with Goldman Sachs-backed blockchain company Circle in order to make its USD Coin (USDC) stablecoin compatible with certain credit cards. The company has since reaffirmed its commitment to crypto payments and fiat on-ramps, as well as its particular focus on stablecoin-based integrations.

BlockFi starts shipping Visa-backed Bitcoin rewards credit cards

July 7, 2021 Coin Telegraph

Bitcoin

Cardholders will earn a percentage back in Bitcoin instead of airline miles or other cashback rewards

New York-based crypto loans and savings startup BlockFi launched its Bitcoin (BTC) rewards credit card today. The card is available to select approved customers on the United States waitlist.

Officially named BlockFi Rewards Visa Signature Credit Card, the card was first announced at the end of last year by Visa and BlockFi. Available to use anywhere Visa is accepted, the card allows its recipients to earn 1.5% back in Bitcoin instead of airline miles or other cashback rewards. Earned Bitcoin rewards will be transferred to cardholders’ BlockFi Interest Account.

Initial reports were saying that the card would have a $200 annual fee. But BlockFi took a U-turn on that decision in May, and the card launched with no annual fee. Cardholders are eligible to earn 2% in Bitcoin on annual expenses exceeding over $50,000. For example, if a customer spends $60,000 within a year, they will receive 2% of the $10,000 expenditure in BTC.

BlockFi’s credit card also offers familiar perks for the crypto ecosystem, such as trading bonuses and a referral program. The card is issued by Evolve Bank & Trust.

Terry Angelos, SVP and global head of fintech at Visa, noted that crypto rewards programs are a compelling way to welcome users to the crypto economy, and Visa is excited to see more examples of them.

Almost everyone knows cryptocurrencies’ role in reshaping the financial space, added BlockFi Co-founder Flori Marquez: “This card will make it easier than ever for people to earn Bitcoin back while making day-to-day purchases.”

Visa is a known explorer of cryptocurrencies to broaden the adoption of digital currencies in general. As Cointelegraph analyzed in detail, Visa’s public affirmation of its positive stance toward cryptocurrency payment services reflects its drive to remain a leading player in the global payment network.

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Bakkt

Touted for its ability to allow users to "leverage the digital assets in their day-to-day lives,” the Bakkt Visa debit card is now available for online and in-store purchases.

Intercontinental Exchange subsidiary Bakkt has introduced a debit card allowing customers to use crypto for retail purchases.

In a Tuesday announcement, Bakkt said it had launched a fully virtual Visa debit card for both online and in-store spending. Card holders can spend Bitcoin (BTC) from their Bakkt accounts without waiting to convert the cryptocurrency to fiat.

“Imagine a Bitcoin user who sees a significant gain,” said Bakkt CEO Gavin Michael. “Now, instead of selling and waiting to transfer to a bank, they can simply walk into their favorite store, tap their Bakkt Card and buy that new item they’ve been eyeing [...] the Bakkt Card untethers Bitcoin owners from their online-only past into a world with countless options to leverage the digital assets in their day-to-day lives.”

Sutton Bank, a member of the Federal Deposit Insurance Corporation, is issuing the debit cards in compliance with a license from Visa. Bakkt avoids BTC transaction fees by selling crypto to users at a price higher than that of the current market rate, which it said has been “no more than 1.5% throughout 2021.”

The debit card release follows Bakkt announcing in March that it had launched a digital asset payments application allowing customers to use BTC and other cryptocurrencies for purchases. At the time, the platform was advertised as a way “to amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs."

Many exchanges and digital asset marketplaces have launched their own crypto debit cards this year as awareness of the industry grows. BitPay announced in February that it would be offering a crypto Mastercard with support for six tokens, while the Visa card issued by Crypto.com allows users to fund their accountswith more than 100 cryptocurrencies.

Blockchain Capital secures $300M funding from PayPal, Visa

June 22, 2021 Coin Telegraph

Blockchain Capital

Blockchain Capital has attracted investment from PayPal, Visa, and other investors to the tune of $300 million for its Fund V LP.

PayPal and Visa are among several major investors to have participated in a $300 million funding for Blockchain Capital.

In a release issued on Tuesday, Blockchain Capital announced that the close of its Blockchain Capital V LP.

According to the release, Fund V, capped at $300 million was oversubscribed with numerous investors including college endowments, family offices, and pension funds participating in the capital raise.

As part of the announcement, Blockchain Capital stated that PayPal, Visa, and some other Fund V investors will take part in the firm’s strategic partnership program.

Blockchain Capital is one of the oldest blockchain-focused funds in the industry and currently backs major projects including crypto exchanges like Kraken and Coinbase as well decentralized finance protocols like UMA, Nexus, and Aave.

The firm also has footprints in the nonfungible token space with NFT marketplace OpenSea a part of its portfolio.

As previously reported by Cointelegraph, Blockchain Capital together with Morgan Stanley Tactical Value led a $48 million Series B funding round for asset tokenization platform Securitize. Back in May, the firm also led a $24.25 million capital raise for DeFi protocol Balancer.

Blockchain Capital is a major presence in the blockchain venture capital scene that has seen $16 billion in equity investments between 2012 and 2020.

Commenting on the success of Fund V and the pedigree of investors involved in the capital raise, the press release quoted Blockchain Capital co-founder and managing partner Bart Stephens as saying:

“We are incredibly honored to welcome a world class group of investors into Fund V who appreciate the value of a firm dedicated to a single industry. As founders ourselves, we know how hard it is to build companies, protocols and, indeed, a whole new industry.”

For Jose Fernandez da Ponte, PayPal’s vice president, the company’s support of Blockchain Capital is part of its efforts to engage with entrepreneurs at the cutting edge of the emerging decentralized economy.

Visa

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