Global payment platform Visa has disclosed that it has been working closely with licensed and regulated digital currency platforms like Coinbase to provide a bridge between digital currencies and its existing global network of 61 million merchants.
Quick fact: Some weeks ago, Visa applied for a patent for a digital currency on a blockchain using possibly the ETH protocol, with the United States Patent and Trademark Office.
The patent application disclosed two purposes, one of which would show, according to the filing, “the digital currency for an amount associated with the denomination has been created for a public key associated with a digital wallet.” The other record notes the “removal of the physical currency from circulation in a fiat currency system.”
What this means: The multinational payment juggernaut could have just sealed its position as the major global partner in the shift to monetary digitalization that is bound to happen very soon.
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Around the world, more than 25 digital currency wallets have already been linked to Visa, giving users an easy way to spend from their crypto balance using a Visa debit card.