Visa to bring Brazil’s banking sector closer to cryptocurrencies

Payment giant Visa plans to expand the adoption of digital assets in Brazil, notably integrating traditional banking services with cryptocurrencies. This was stated by Eduardo Abreu, the company’s vice president for new initiatives in the country, in an interview with Seu Dinheiro.

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According to him, Visa plans to develop API, to simplify payments and investments in digital assets or related products such as ETF.

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The company announced partnerships with several local firms to issue cryptocurrency cards. Visa representatives did not specify timelines for the initiatives.

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The giant’s plans include testing Bitcoin payments in Brazil and launching a credit card with cashback in digital assets.

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“Brazilians already have a culture of earning card points, miles, discounts, etc. Why not earn cryptocurrency on your credit card?”, said Abreu.

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In February Visa announced testing of a set API, which will allow traditional bank clients to buy and sell digital assets. It was reported at the time that the pilot project would launch by the end of 2021.

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In March, the head of the company Alfred Kelly said that Visa’s multilateral strategy includes Bitcoin and other cryptocurrencies, and the giant’s aim is to harness opportunities related to new technologies.

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In the same month Visa and the cryptocurrency service Crypto.com launched a pilot program to integrate settlements in the USD Coin stablecoin on the Ethereum blockchain.

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In August, the company bought the non-fungible token CryptoPunk #7610 for 49.5 ETH (nearly $150,000 at the time of the deal).

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In the first half of 2021, the volume of transactions on Visa’s crypto debit cards exceeded $1 billion.

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