VISA announces global plans for crypto payments – will go global with major tokens

Visa's entry into crypto started with its 2019 investment in Anchorage, a digital currency custody platform. That investment funded research that produced Zether and FlyClient, technologies embedded in Visa's new cryptocurrency wallet. The wallet lets consumers convert digital currency and transfer funds to their Visa card in real-time.

The regulatory landscape in the United States remains fragmented. Different federal agencies define cryptocurrency in different ways. The Financial Crime Enforcement Network doesn't classify crypto as legal tender and opposes its use as such. But last week, the Office of the Comptroller of the Currency issued a new position. National banks and federal savings associations can now offer cryptocurrency custody services to customers.

"This opinion clarifies that banks can continue satisfying their customers' needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency," said Brian P. Brooks, the Acting Comptroller of the Currency. The OCC's move signals government acceptance and may help people trust decentralized currencies more.

Across the Pacific, Alibaba introduced AntChain, its new blockchain, and a workstation designed to help businesses and startups integrate blockchain technology. With Visa and Alibaba both moving into blockchain payments, other industries should begin adopting the technology. The competition should accelerate blockchain development and create new market entrants in the space.