Coinbase and Visa building a bridge between crypto and traditional finance

Coinbase and Visa building a bridge between crypto and traditional finance
Written by:
Ali Raza
July 25, 2020
  • Coinbase announced close collaboration with Visa on pushing for crypto adoption.
  • The payment processor has connected with the exchange, as well as many other crypto firms.
  • Visa believes that cryptos, stablecoins, hold great potential and it even wishes to explore CBDCs.

San Francisco-based cryptocurrency exchange, Coinbase, recently posted a new announcement, revealing where a large amount of its efforts goes to. According to the exchange, it is currently collaborating with Visa on bridging the gap between traditional and crypto finance.

The exchange and the global payment processor hope to achieve and deliver seamless digital asset transfer, and thus push crypto adoption.

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Coinbase and Visa building a bridge

Coinbase posted the announcement two days ago, July 23rd. The move comes at a time when concerns about the future of finances are high, particularly due to the still on-going coronavirus pandemic.

Cryptos have proven that they can handle the stress of the situation, as most coins have seen an excellent performance in 2020, despite the mid-March price drop caused due to the correlation with the stock market.

Now, Visa and Coinbase hope to deliver the asset to a greater number of people, and encourage them to use it.

Visa itself seems to be rather interested in participating even more in the crypto industry. It recently published a blog post titled “Advancing our approach to digital currency.” In it, it describes its intention to improve its crypto-related strategy and, along the way, improve financial inclusivity on a global level.

Visa is heading deeper into the crypto industry

The company is already connecting itself to licensed crypto firms, such as Coinbase itself. It also works with over 25 crypto wallets that allow for an easy way to access and spend funds. On top of that, it offers a number of innovations, such as Visa Direct.

Such innovations make the company one of the best choices for adoption by crypto wallets.

The company also believes that exploring the concept of CBDCs (Central Bank Digital Currencies) is important. Lastly, it seems to have a particular interest in stablecoins, believing that they are the way to achieving fiat’s stability while sticking to the blockchain.