Global payments giant Visa has partnered with WireX to accelerate the adoption of virtual currencies in the United Kingdom and Europe. This collaboration, announced in a press release on Monday, July 15, 2024, aims to leverage the strengths of both companies to create innovative payment solutions and reduce friction in transaction experiences.
The partnership is set to capitalize on new opportunities by integrating Visa cards with WireX’s product innovations. According to the press release, both companies would work to launch WireX’s newest product, a ‘modular Zero Knowledge (ZK)’ payment mainnet. This new blockchain, Wirex Pay, is designed to streamline mainstream and digital asset transactions, representing a significant step in the broader initiative to merge blockchain technology with traditional financial (TradFi) solutions.
Sviatoslav Garal, WireX’s Global Head of Payments, emphasized the significance of this partnership, noting that WireX is among the select few crypto-focused firms licensed by Visa for card issuance. Garal noted that this deal further cements WireX’s position as a pioneer in the finance sector and its dedication to “bridging the gap” between the web3 and traditional finance sectors.
Cuy Sheffield, Visa’s Head of Crypto, echoed the importance of this collaboration, stating that it aligns with Visa’s vision for the future of finance, particularly in the crypto space. He highlighted how this partnership will enable Visa to further integrate blockchain technology with traditional financial services, potentially reshaping the landscape of digital payments.
This partnership is part of a broader trend in 2024, where mainstream financial institutions are increasingly collaborating with crypto-native firms. For instance, Mastercard, one of Visa’s key rivals, recently launched a new feature called “cryptocurrency credentials” for real-time peer-to-peer transactions. This new feature allows customers to conduct cryptocurrency transactions using simple aliases instead of complex blockchain wallet addresses, marking a significant step towards simplifying virtual asset transactions.
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