VISA expands their crypto business strategy to Banks

[oHnK]

VISA expands their crypto network to banking.  I am very optimistic about the action taken by Visa although I believe this is a form of business interest but a visionary business.  This means that all this time, Bitcoin, which is the enemy of fiat, was introduced by Visa as a new business opportunity for banks.  Visa tries to be a communication intermediary from centralized actors with decentralized products.  Do you think the same or is it just me who considers this a very good development for crypto going forward.

Source : https://www.coindesk.com/business/2021/12/07/visa-launches-crypto-advisory-services-for-banks-as-demand-for-digital-assets-grows/

[avikz]

VISA expands their crypto network to banking.  I am very optimistic about the action taken by Visa although I believe this is a form of business interest but a visionary business.  This means that all this time, Bitcoin, which is the enemy of fiat, was introduced by Visa as a new business opportunity for banks.  Visa tries to be a communication intermediary from centralized actors with decentralized products.  Do you think the same or is it just me who considers this a very good development for crypto going forward.

Source : https://www.coindesk.com/business/2021/12/07/visa-launches-crypto-advisory-services-for-banks-as-demand-for-digital-assets-grows/

So Visa is introducing an advisory service for the banking and financial institutions. I am not sure why you are finding it visionary! It's just easy money for Visa. They have seen a gap in the market and planned to bridge that gap to earn their next billion dollar from the market and to increase their footsteps as a settlement provider. So I don't think it is a visionary idea to be honest. It's just a "fill in the blank" business model to make money out of thin air.

[oHnK]

So Visa is introducing an advisory service for the banking and financial institutions. I am not sure why you are finding it visionary! It's just easy money for Visa. They have seen a gap in the market and planned to bridge that gap to earn their next billion dollar from the market and to increase their footsteps as a settlement provider. So I don't think it is a visionary idea to be honest. It's just a "fill in the blank" business model to make money out of thin air.

It looks easy but it's not that simple to do.  Especially now that we are talking about those who think fiat is the best thing with its centralized system being introduced to start new opportunities in the crypto market.  Do you think crypto is not a visionary thing?  while Visa is a large company that accepts Crypto as their new line of business and is currently expanding to other institutional networks.  Isn't this service able to increase the market more broadly?

[stompix]

Do you think crypto is not a visionary thing?  while Visa is a large company that accepts Crypto as their new line of business and is currently expanding to other institutional networks.  Isn't this service able to increase the market more broadly?

It's the same thing as Mastercard wants, they want banks to offer crypto products while both Visa and Mastercard to be used as a link between crypto and fiat, they don't plan on adopting bitcoin, they don't plan on using any crypto on their infrastructure they just want banks to accept crypto which will be converted to fiat and used on traditional cards. That's it, nothing "revolutionary", just their way as a business to try and milk some more profits of a new sector, neither "visionary". Besides we had Visa offering its cards for banks and businesses that want to deal with crypto for a long time, counted in years. Visa is a business, it's normal for them to explore a way of making more money.

The revolution will only happen once they will allow crypto settlement on their chain, and unfortunately, there is not a single squeak about something like that. But what would be the point of that really, deposit your coins to a bank, use a centralized solution for payments, basically adding not the just but two intermediaries when Bitcoin was supposed to get rid of them?

[Darker45]

This is indeed a good development for crypto in general. Well, we should understand that Visa is a business company. They are built to earn. But it is worth noting how they are open-minded, how they could adapt with the trend of the time, and how they could bend, not just because they're chasing the money but because they are giving in to the demand of their clients and to what the future probably brings. In this case, cryptocurrency.

At least, instead of resistance, Visa is adapting. And they are making their moves according to data. And data shows that banking institutions whose services embrace cryptocurrencies are the preferred choices. After all, it's either they become obsolete or they adapt.

[hugeblack]

They are trying to exploit the assumption that Bitcoin fees are high and therefore their network is ideal for thousands of transfers per second and take advantage of the constantly high price of Bitcoin, which is a good reserve currency for the middle and poor class.

If the Lightning Network succeeds and there is more awareness of how Bitcoin and decentralization work, we will not need such solutions.

Banks will still play the role of lenders that will try to collect more bitcoins (if bitcoins succeed)

[oHnK]

It's the same thing as Mastercard wants, they want banks to offer crypto products while both Visa and Mastercard to be used as a link between crypto and fiat, they don't plan on adopting bitcoin, they don't plan on using any crypto on their infrastructure they just want banks to accept crypto which will be converted to fiat and used on traditional cards.

It's not wrong what you say, but about visionaries here we have quite different opinions.  Because visionary in my opinion when you oppose something for a certain purpose that has been predicted will have a better value than before.  Visa bridges information about crypto to banks who oppose this only because of a different basis in the sense that banking uses centralization while crypto is a decentralized product.  This is just if literacy is a gap that Visa has to match the thread, what does Visa use to bridge the information.  It is a bigger business profit opportunity.