Visa makes a big step towards cryptocurrency adoption, announcing digital currencies integration within its network

Visa says it is working to integrate digital currencies with its existing global network of 61 million merchants.

Visa begins to explore blockchain and cryptocurrencies in order to integrate it into its business. Financial services giant Visa has announced its support for the blockchain and digital currency. The company published a post on its business blog entitled “Advancing our approach to digital currency”.

In terms of security, Visa will “focus on data protection, privacy and fairness for consumers and full compliance with all applicable laws.

“We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places,” according to the blog. “As such, we want to help shape and support the role they play in the future of money. We look forward to sharing more with you on this work in the months that follow.”

It also promises to remain “currency and network independent,” supporting digital currencies and blockchain networks that are in demand and ensuring everything is aligned with Visa’s core capabilities”.

The company emphasized its “deep expertise in securing transaction data, working with diverse stakeholders, and maintaining an always-on network with continuous availability. Visa will pursue projects that allow us to apply this expertise to new networks and technologies that can benefit our existing clients and partners.”

The blog also stated that Visa’s research team is currently exploring ways to improve the scalability of blockchains and simplify off-chain transactions (Tier 2 solutions). This is a major announcement from a big financial company that is beginning to support the blockchain and digital currency ecosystem.

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