Bitcoin hits record as US financial giants embrace cryptocurrency
12 Feb, 2021 04:22 AM
3 minutes to read
BNY Mellon said its aim was to collapse the divide between the treatment of traditional securities and digital assets. Photo / 123RF
BNY Mellon said its aim was to collapse the divide between the treatment of traditional securities and digital assets. Photo / 123RF
Financial Times
By: Robert Armstrong
The bitcoin price hit a record high on Thursday after two major US financial institutions announced new cryptocurrency projects, edging digital assets closer to mainstream use in ordinary purchases and as an investment. Mastercard said on Wednesday that later this year it would begin moving cryptocurrencies directly across its card payments network. Previously, the company had only worked with crypto wallets and exchanges to move funds after they had been converted from digital coins into fiat currency.
Bitcoin vor globaler Akzeptanz, 1400 Unternehmen haben Interesse in BTC zu investieren, 6 Altcoins, die Reichtum versprechen & Crypto-Zahlungen bald per Visa-Karte?
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What happened
Shares of
The financial services company s shares have hovered around the same level as a year ago, as the pandemic crimped cross-border and overall spending.
Image source: Getty images.
So what
Visa recently released its fiscal 2021 first-quarter earnings report. Net revenue declined by 6% year over year to $5.7 billion, while net income dropped by 4% year over year. The pandemic continues to exert pressure on the business as cross-border volumes remain around 20% lower year on year from October 2020 through January 2021.
With the majority of borders remaining closed due to a resurgence in the number of cases worldwide, there is no indication as to when business conditions may revert to normal. However, Alfred Kelly, CEO of Visa, remarked that the company witnessed sustained debit and e-commerce volumes due to domestic spending and that he is confident the business can remain resilient during this crisis and continue to post long-term growth.
Updated Feb 04, 2021 | 09:37 IST
Visa has lined up a pilot project to buy & sell Bitcoin via partner banks, and many are calling this a gamechanger for cryptos. This makes digital coins & govt-backed currencies more equal than before. Visa adds Bitcoin to your wallet, calls it Digital Gold
Key Highlights No reason why we cannot add bitcoin to our network , says Visa CEO Alfred Kelly
Want to work with wallets to enable purchase of Cryptos using Visa, use at our 70 million merchants
Mumbai: Bitcoin is at the cusp of possibly a new dawn. One-time crypto rival Visa has formally announced a plan to test-run the project that will allow you to buy and sell bitcoins. Through its partner firm and digital asset bank Anchorage, Visa intends to run a pilot called Visa Crypto API. This is an important shift in the way financial services are viewing digital currencies. Till now, Visa only had reward programs offering cryptos, instead of airmiles or cash.
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