VISA Eyes Crypto And Digital Fiat With This New Move
The crypto market looks pretty bloody today, with most of the digital assets trading in the red.
It seems that Bitcoin has some problems surpassing the important level of $10k, despite the fact that it retested it again the other day.
At the moment of writing this article, Bitcoin is trading in the red and the most important crypto out there is priced at $9,604.92.
Crypto and the blockchain technology have been gaining interest this year, despite the global crisis. Bitcoin continues to be seen as a safe haven and more entities are getting into the crypto space.
Visa files a patent application for a digital assets-managing system
Visa just filed a patent application for a system that could create and manage various digital assets.
This was filed back in November 2019 and it’s been published by the U.S. Patent and Trademark Office last week.
The notes reveal the private sector’s interest in overhauling the traditional banking system, and it also makes sure to highlight crypto and address its pros and cons.
“Examples of a cryptocurrency network may include networks of computers that manage any suitable cryptocurrency including, but not limited to, Bitcoin, Litecoin, Ethereum, Zcash, Dash, Ripple, and Monero,” according to the official notes cited by the online publication the Daily Hodl.
Crypto systems vs. fiat currency systems
The same official notes continue and explain that “Cryptocurrency systems have advantages over fiat currency systems. For example, cryptocurrency money transfers can also be faster than conventional fiat currency money transfers.”
The same notes also point out the fact that some cryptos use the blockchain and this makes the digital assets trustable because the blockchain is an immutable record of transactions.
Visa plans to create a system that can generate and manage centralized digital versions of more fiat currencies, including the US dollar and British pounds.
We recommend that you check out the complete notes in order to learn all the available details.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.