Visa has announced plans to offer cryptocurrency services to traditional banking platforms in Brazil.
According to Bitcoin.com, this was announced by Visa’s vice president of new business in Brazil, Eduardo Abreu. He stated that the company was set to develop applications to unite traditional banks with cryptographic products.
Visa also said it was working with several cryptocurrency companies in Brazil to bring cryptocurrency payment cards to the market and hinted at the possibility of directly integrating bitcoin payments.
According to the company, it will be possible to make investments in cryptocurrencies and ETFs within banking platforms with no intermediates.
The company also disclosed that it was working on a business-to-business oriented blockchain that would allow payment settlement among companies using smart contracts.
Abreu said the system was already in testing phases with some of their customers, and that the company would have more announcements in this regard in the future.
According to him, this system will enhance transparency in payments among providers and suppliers, allowing everyone with access to the system to verify payments and deposits.
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Visa also stated it would start testing direct bitcoin payments in the country.
This means that transactions will allow bitcoin to be transferred to other accounts directly.
Currently, there has to be an intermediary that exchanges bitcoin for fiat money on most crypto cards. With the inclusion of direct bitcoin payments, intermediaries will be eliminated.
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