#visacripto Why are Visa, Mastercard, Western Union, and others joining cryptocurrencies now?
Giants of the payment industry have accelerated their inclusion in the bitcoin ecosystem, stablecoins, and cryptocurrencies.
The integration of bitcoin (BTC) and cryptocurrencies by traditional financial corporations has shifted from being an eccentricity to becoming an essential strategic movement. Global giants in payments and remittances like Mastercard, Visa, and Western Union are accelerating the exploration and development of financial tools based on cryptocurrency networks.
This is a notable paradigm shift when considering the skeptical, and even hostile, stance that some entities in the traditional system have maintained towards digital currencies for years.
The integration frenzy is manifested in a series of high-profile moves. Mastercard, for example, is in negotiations to acquire Zerohash, a company specializing in developing infrastructure for managing stablecoins and cryptocurrencies.
Mastercard, along with entities like Citi, Deutsche Bank, Santander, and Fidelity, is participating in a project called Prividiums, led by Matter Labs (the main contributor to the Ethereum Layer 2 network, ZKsync), with the goal of integrating major financial institutions into a new architecture on the Ethereum network.
In the case of Visa, it reported this week that it is working on adding compatibility with four stablecoins that operate on four different networks. This future expansion allows the company to accept and convert these digital assets to over 25 fiat currencies, suggesting a real and active use by consumers beyond the simple function of financial infrastructure. Western Union plans to launch its own stablecoin linked to the US dollar. The new digital asset, called U.S. Dollar Payment Token (USDPT), will be issued on the Solana network in partnership with Anchorage Digital Bank, an entity with federal bank status in the United States.