Tag: Visa

Visa New Crypto Initiative

by Blockchain News

Visa, a leading global payment corporation, has announced its latest initiative focused on stablecoin payments. This move is part of the company’s ongoing exploration of the potential benefits of the cryptocurrency industry. Visa’s latest cryptocurrency-related endeavor was unveiled by Cuy Sheffield, the company’s head of crypto, via Twitter on April 24th. Visa made the announcement. A new cryptocurrency product has been developed to promote the extensive use of public blockchain networks and stablecoin transactions.

Visa is on the hunt for software engineers with specialized skills in programming, backend systems, and Web3 technologies. The goal is to create innovative products that simplify digital commerce in our daily lives. The organization is seeking potential employees with prior experience in writing and debugging smart contracts using Github Copilot and other AI-assisted engineering tools. In the latest job posting, the preferred qualifications for the position include a comprehensive understanding of layer 1 and layer 2 solutions, proficiency in writing smart contracts using Solidity programming language, and familiarity with both public and permissioned distributed ledger networks, security protocols, private key custody, and Ethereum enhancements like ERC-4337.

Visa’s venture into the cryptocurrency market in 2020 has led to the development of a new cryptocurrency product. In a recent development, the business has partnered with the blockchain startup Circle to facilitate the integration of the stablecoin USD Coin (USDC) on a specific set of credit cards. In the face of a challenging market for cryptocurrencies in 2022, Visa has reportedly postponed a number of new industry partnerships. Despite the company’s efforts to expand its crypto offerings, setbacks such as the struggles of Celsius and FTX have contributed to a more cautious approach.

Visa has announced a new crypto project, signaling the company’s increasing involvement in the cryptocurrency and blockchain industry. The move also highlights Visa’s desire to promote the widespread adoption of stablecoin payments. Visa’s goal to encourage widespread use of stablecoin payments is a testament to the growing interest and demand for this type of currency. In a recent development, Visa has launched a new cryptocurrency product that is expected to have a significant impact on the growth and progress of the industry. As more companies and individuals begin to recognize the benefits of cryptocurrencies, this latest offering from Visa is poised to play a crucial role in their adoption.

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Visa Reports Record-Breaking Cryptocurrency Thefts in 2022

by Blockchain News

Visa, one of the world’s leading payment providers, has released its biannual threat report, revealing that 2022 saw a record-breaking number of cryptocurrency thefts, with over $3 billion stolen in on-chain exploits. The report covers all types of digital payment system violations worldwide, including plastic card fraud schemes and malware, but has a separate section dedicated to cryptocurrency and digital platforms.

The report identifies token bridges as a common target for threat actors. These bridges enable the exchange of cryptocurrencies between different blockchain networks, but fraudsters often exploit smart contracts within the bridge service to either create new transactions or allow for unauthorized transactions to be approved. Between January and early October 2022, a total of $2 billion was stolen via token bridges.

Visa’s report also highlights a cryptocurrency-focused phishing campaign that targeted crypto exchanges. The attackers impersonated a crypto exchange in emails to collect the victim’s account login data. When the actual exchange prompted the threat actor for two-factor authentication (2FA), the attacker used the spoofed site to obtain the victim’s 2FA information, allowing them to complete the login process using the genuine 2FA from the spoofed site.

In February, it was reported that Visa and Mastercard would delay the launch of new partnerships with crypto firms due to high-profile bankruptcies in the industry. However, Cuy Sheffield, Visa’s head of product, refuted the claims, stating that Visa would continue to partner with crypto companies to enhance fiat on and off-ramps and create new products to facilitate stablecoin payments.

Despite the delay, the cryptocurrency market has continued to grow, with Bitcoin’s market capitalization surpassing Visa’s for the third time in history on February 20. By March 14, the gap between the two had grown to over $20 billion in favor of Bitcoin.

Cryptocurrency thefts have been a recurring problem in the industry, with exchanges and users often targeted by hackers. In 2019, the infamous hack of Japan-based exchange Coincheck resulted in the loss of over $500 million worth of cryptocurrency. Similarly, the 2021 Colonial Pipeline ransomware attack involved a demand for payment in Bitcoin.

Visa’s report highlights the importance of securing token bridges and exchanges, as well as the need for continued efforts to enhance security measures in the cryptocurrency industry.

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Bitcoin Flips Visa Again

by Blockchain News

Since the beginning of the year, the price of Bitcoin (BTC) has increased by 48%, which has caused its market valuation to once again surpass that of the payment processing behemoth Visa.

According to CoinMarketCap, with the price of Bitcoin sitting at $24,365 at the moment, its market size of $470.16 billion is now only slightly more than that of Visa, which has a market cap of $469.87 billion at the moment.

Companies Market Cap reports that this is the third time Bitcoin has “flipped” Visa’s market cap, meaning that Bitcoin’s value has exceeded Visa’s value.

The first occasion was in late December 2020, coincidentally coinciding with the first time that BTC reached $25,000 in value.

This was accomplished during a price rise that saw BTC climb from $10,200 in September 2020 to $63,170 seven months later in April 2021. The price increase lasted for seven months.

BTC was able to take the lead over Visa for a very short period of time on October 1 before the payments business was able to reclaim their position as the market leader. Visa regained the lead between June and October 2022.

This advantage was further extended when, between November 6 and 10, 2022, the failure of the cryptocurrency exchange FTX took off more than $100 billion from the value of BTC in only four days.

However, since that time, BTC has had a complete recovery and has added an extra $65 billion to its market valuation of $408 billion as of November 6. This has allowed it to surpass the payment processing behemoth.

Because of the relatively tiny gap in their respective market caps, Bitcoin and Visa are now trading places on an hourly basis, which is something that should be taken into consideration.

Regarding the remarkable beginning that Bitcoin had in 2023, its third “flipping” of Visa occurred on the heels of a run of 14 days in a row during which the price increased. This run lasted from January 4 through January 17.

According to Google Finance, the market capitalization of Mastercard, the world’s second-largest payment processing network, is now $345.24 billion. BTC, on the other hand, has a significant lead over Mastercard.

However, Bitcoin is still trading at a discount of 63% compared to its all-time high of $69,044 that it hit on November 10th, 2021.

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Visa Launches a Special NFT Auction Ahead of FIFA World Cup in Qatar

by Blockchain News

Financial services giant and the official payment partner of FIFA at the upcoming World Cup in Qatar has announced the launch of Visa Masters of Movement Non-Fungible Token (NFT) pre-event auction.

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According to the firm, the NFT is inspired by unique goals from 5 football legends including Jared Borgetti, Tim Cahill, Carli Lloyd, Michael Owen, and Maxi Rodriguez.

The movements from these football stars were turned into an NFT by award-winning XK Studio and as revealed, the bidding for the NFTs has been opened on Crypto.com, the official crypto exchange partner of the 2022 FIFA World Cup.

Visa said collectors who throw in the winning bid for the Masters of the Movement NFTs will receive the artwork in their Crypto.com wallets alongside a high-quality printable file. The NFTs will be signed by the footballers featured, adding to their authenticity.

“As FIFA World Cup 2022™ approaches, we want to celebrate football, art, and technology through the lens of what makes the FIFA World Cup™ so special – wildly impassioned fans, legendary athletes, and for a few short weeks, the ability to bring the world together in a uniquely connected way,” said Andrea Fairchild, senior vice president and head of sponsorships, Visa.

FIFA has made a lot o partnerships ahead of the World Cup scheduled to hold in Qatar. While the event remains one of the most anticipated sporting tournaments this decade, the brands partnering with FIFA are notably pushing forth the avenues to register the historic moments on the blockchain.

Besides its partnership with Visa and Crypto.com, FIFA also has an active partnership with Algorand, a Proof-of-Stake (PoS) blockchain protocol. 

The pre-event NFT auction is just a sequel to the FIFA Fan Festival that will take place live in Doha. Per its design, fans will be able to create their own Masters of the Movement moves, some of which will get to be minted as NFTs to commemorate the history that is bound to be made.

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Visa Files Trademark Applications for Crypto Products, Including NFTs

by Blockchain News

Payment giant Visa has filed two trademark applications to the United States Patent and Trademark Office (USPTO) concerning cryptocurrency wallets, non-fungible tokens (NFT), and the Metaverse.

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This was initially revealed when Mike Kondoudis, a USPTO-licensed trademark attorney, tweeted about it on Thursday.

Filed on October 22, 2022, the application applies for trademarks related to managing digital, virtual, and cryptocurrency transactions, including digital currency and cryptocurrency wallets.

The application also applied to providing temporary use of non-downloadable software for users to view, access, store, monitor, manage, trade, send, receive, transmit, and exchange digital currency, virtual currency, cryptocurrency, digital and blockchain assets, and NFTs.

Other sections of the applications relate to non-downloadable virtual goods as well as a collectible series of non-fungible tokens and also providing virtual environments where users can interact with each other for recreational, relaxation, or entertainment purposes available and accessible in the virtual world.

As a result of the rapid growth of the web3 industry as a whole, filing trademark crypto product applications is now a thing most companies have been actively doing these past years. As reported by Blockchain.News last month, the Web3.0 and Metaverse trademark-related applications for this year have already surpassed the total recorded in 2021.

According to data uploaded by Mike Kondoudis, roughly 4,200 US trademark applications were filed for metaverse, virtual, and web3 goods and services within the first 8 months of this year. In addition, the NFT-specific trademarks have outpaced that of last year, with crypto-hinged trademarks also hitting massive figures.

Furthermore, Juniper Research has reported that NFT transactions are expected to rise from 24 million in 2022 to $40 million by 2027 as the metaverse trend continues to gain steam. The report stated, this projection is based on its medium scenario for adoption, with brands leveraging the metaverse to boost digital growth.

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Blockchain.com Accepts Visa Debit Cards for Crypto Payment

by Blockchain News

Blockchain.com has accepted Visa debit cards payment to enable users to spend from their crypto balances free of charge, with the opportunity to gain cryptocurrency rewards.

Per the announcement:

“Initially available to US residents, users can spend their crypto or cash within their Blockchain.com Wallet without fees and earn 1% back in crypto anywhere Visa debit cards are accepted.”

Blockchain.com Visa Card seeks to make crypto usage easier, given that it leverages Marqeta’s latest card issuing platform and Visa’s payments network. 

Peter Smith, the co-founder and CEO of Blockchain.com, pointed out:

“As one of the crypto industry’s oldest and most trusted platforms, we’re excited to roll out the natural next step to make crypto easy to use in the real world and accessible to as many people as possible.” 

He added that the Blockchain.com Visa Card would play an instrumental role in shaping the future of mainstream finance. 

Based on Marqeta’s notable Just-in-Time Funding feature, Blockchain.com users will have the chance to seamlessly transact in fiat from their available crypto balances. 

This will be made possible because each Blockchain.com Visa card will be linked to an approved Blockchain.com Wallet account.

Simon Khalaf, Marqeta’s chief product officer, stated:

“Blockchain.com has built up a massive user base, and we’re proud that our platform can make it possible for their customers to spend against their cryptocurrency wallet at the point of sale, using the magic of Just-in-Time funding.” 

With Marqeta’s 2022 State of Money Movement survey disclosing that 38% of US consumers are crypto owners, it highlighted the surging need for crypto usage in daily scenarios.

Cuy Sheffield, the head of crypto at Visa, noted:

“At Visa, we believe for crypto adoption to grow, it’s critical for it to be easily accepted everywhere. We’re excited to partner with leading crypto wallets and exchanges like Blockchain.com to unlock more ways consumers can use their crypto for everyday purchases.”

Meanwhile, Mastercard recently inked a deal with BitOasis to establish a series of crypto card programs aimed at boosting daily cryptocurrency usage in the Middle East & North Africa (MENA) region, Blockchain.News reported. 

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Binance to Bolster Crypto Utility With New Cashback Feature

by Blockchain News

Binance Exchange, the world’s largest digital currency trading platform by volume has unveiled its new crypto cashback program for all Binance Card holders.

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Taking to its official Twitter account, Binance said users can spend any of their digital currencies with the Visa card and get an 8% Cashback.

 

Creating new functionalities for the benefit of users has been considered the way to go in the digital currency ecosystem. With more exchanges coming into the scene, existing ones have had to create new products and services to retain users and capture more.

 

From its description, the new service offered through the Binance Card Cashback program will give its users the opportunity to transact in more than 60 million merchant locations around the world. The exchange said users will be able to use its card and get the cashback while incurring a $0 annual fee and a $0 foreign transaction fee.

 

While the Binance Card offering still has its limitations, depending on the country of residence of the user and the applicable laws, users can generally gain access to the broader Binance ecosystem and explore the investment options available.

 

Binance has remained a standard exchange with creative business models designed to benefit its users. In competition with the likes of Coinbase Global Inc and Crypto.com, both of whom also offer payment cards to their users, Binance has always made targeted efforts to take its business a step further.

 

The crypto winter has also given Binance a relatively competitive advantage in the broader scheme of things. While many exchanges including Coinbase and Gemini sent off a significant percentage of their staff packing, Binance revealed its plan to hire 2,000 new hands before the end of the year.


Binance exchange has also advanced its business through a series of new licenses tapped in Italy, Spain, and other regions in the past year.

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Argentine Crypto Exchange Ripio Launches Crypto Prepaid Debit Card in Brazil

by Blockchain News

Latin American cryptocurrency company Ripio partnered with Visa on August 24, to launch a cryptocurrency prepaid debit card in Brazil that supports payments with cryptocurrencies.

Holders of the card can pay with Brazil’s fiat currency, the Real, as well as 28 cryptocurrencies listed by Ripio on its platform.

This debit card also offers a 5% bitcoin cashback bonus.

To promote the card, Ripio CEO Sebastian Serrano said the company is also considering adding rewards to other cryptocurrencies besides bitcoin.

Ripio said the digital version of the card is already available, and it expects to issue 250,000 physical cards by the end of the year.

In addition, Ripio plans to launch the card in Argentina later this year and has not ruled out launching the debit card in countries such as Uruguay, Colombia, Mexico, and Spain.

Argentine cryptocurrency trading platform Ripio announced in September 2021 the completion of a $50 million Series B round led by blockchain investment firm Digital Currency Group (DCG).

Ripio said the funds will be used primarily for Ripio’s operations in Colombia, Mexico, Uruguay, and Spain.

Crypto is rapidly gaining mainstream acceptance in Brazil as major companies launch new and innovative products around these digital assets.

In July, Spanish banking multinational giant Santander announced plans to offer crypto trading to its Brazilian clients. Branches of Banco Santander operate in Brazil.

Brazil’s sixth-largest investment bank, BTG Pactual, has also launched its cryptocurrency trading platform.

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HK-based Spending App Offers Crypto Rebate for Customers

by Blockchain News

Hong Kong-based startup, Bloom announced its collaboration with cryptocurrency exchange Okcoin to offer token rebates and introduce a gamified retail experience to its clients.

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Digital payment in Hong Kong is becoming more common in people’s daily life. To break through the current spending landscape in the city dominated by credit card and their cash rebates or reward points mechanism, the spending app has offered a reward scheme to get a spending rebate in terms of cryptocurrency.

Customers now have more options to gain rewards and even take a glimpse of the crypto space. By partnering with Visa credit card, it allows customers to convert their spending credits into crypto according to the latest price.

Per the press release, the scheme now supports over 10 mainstream cryptocurrencies, including Bitcoin, Ethereum and Dogecoin.

According to the company’s website, the company “aims to provide personalized spending rewards from cash rebates to digitalized coupons to consumers by connecting partner brands and card issuers.”

Eddie Rong, the founding member of Bloom, welcomed the partnership with Okcoin and wishes more customers might embrace the crypto space, “With the increasing awareness of cryptocurrencies in Hong Kong, although the cryptocurrency market has been volatile recently, we seek to build a platform for beginners on top of an exciting spending experience, empowering members to save cryptocurrencies and shop at the same time.”

The app offers a HK$10 worth of Bitcoin bonus for customers who connect their first Visa credit card to their account or conduct their first transaction in this program, according to the official website.

The company said its app integrates real-time data via an application programming interface (API) to help its members stay on trend in the cryptocurrency space. Furthermore, the app allows the withdrawal of cryptocurrencies to designated crypto wallets or covert them into Bloom Coins for in-app redemption of nonfungible tokens (NFT), e-coupons, and fashionable collectables, without being charged, and members could choose their preferred way of keeping rewards at no costs.

The company believes the new platform “will help democratise crypto and lay the foundation for them to play a more important role in the financial system.”

Meanwhile, their counterpart Okcoin will provide zero-fees account opening services to their clients, encouraging them to adopt their crypto trading services.

“The combination of Bloom’s rewards program and easy-to-use spending product provides an ideal avenue for new and existing crypto users to interact with digital assets every day, and we’re glad to help make this possible,” Khairi Azmi, general manager of Okcoin (Asia) said, adding that the platform would make crypto to be more common and “regular to go mainstream across the world” among ordinary people daily life.

Crypto adoption is expected to expand to the retail level among the institutional investment market in the city. According to a recent study, Hong Kong is marked as the top-rank region or economy in terms of the level of crypto readiest, as the city enjoys the highest number of blockchain startups per 100,000 people and the number of crypto ATMs proportional to the population.

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Fintech Firm Bitlocus to Launch Crypto-Friendly Visa Debit Cards

by Blockchain News

Bitlocus – a global emerging fintech company based in Lithuania – announced on Thursday that it has partnered with Estonia-based fintech company Striga, which develops tech infrastructure for crypto companies, to roll out crypto-friendly debit cards for its customers across the European Economic Area and the globe.

Bitlocus said that the crypto-enabled debit cards will enable its clients to use their cryptocurrencies to buy goods and services just the way they spend traditional currencies where Visa is accepted globally. Backed by the Visa network, the Bitlocus card platform connects with people globally as well as over 70 million merchant locations worldwide.

Bitlocus mentioned that the cards will allow its customers to spend their crypto funds on POS (Point of Sale) devices, make online purchases, and withdraw cash from ATMs.

The crypto cards will benefit both retail customers and business clients, Bitlocus stated. While the card will allow all users to make payments with their tokens listed on the Bitlocus exchange, it will provide business clients with an opportunity to have their brand on the card.

Andrius Normantas, the Chief Executive Officer of Bitlocus, talked about the development and said: “the card is a natural addition to the portfolio of other Bitlocus products. Digital currencies and the crypto ecosystem, in general, are gaining momentum, and we want our clients to benefit from this shift as much as possible”.

Bernardo Magnani, CEO at Striga, also commented on the collaboration and stated: “our partnership with Bitlocus has been critical in the evolution of Striga as a company and dates to our early days when we were running our own crypto card program under the brand Lastbit. We are honoured to have been selected by Bitlocus to power their ambitious crypto-enabled card program and excited to kick-off this new stage in our partnership.”

Bitlocus disclosed that it is preparing to introduce both virtual and physical cards, and will announce the registration to the waiting list shortly.

Removing Barriers to DeFi Access

Bitlocus has been dedicated to helping accelerate cryptocurrency adoption.

In September last year, Bitlocus launched its innovative B2B products, including white-label exchange, crypto mass payouts, IEO launchpads, crypto payment gateway, and custom pair (with fiat) token listing services, designed to cater for the needs of crypto projects of any size and scale.

Launched in 2018, Bitlocus has continued to serve as DeFi investments platform for fiat-based investors. The Terra-based DeFi investment platform was designed to provide a simple means to help traditional investors easily access the expanding DeFi market.

Bitlocus achieves this through various products that allow fiat users to gain exposure to the yields offered by DeFi platforms and protocols such as Aave, Compound, Venus, Sushi. Bitlocus provides such products through a dashboard for accessing DeFi yields, thus helping to bring the benefits of DeFi to mainstream investors.

 

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Bitcoin (BTC) $ 27,109.26 2.51%
Ethereum (ETH) $ 1,865.34 2.18%
Litecoin (LTC) $ 89.59 2.65%
Bitcoin Cash (BCH) $ 112.73 1.71%