Payment Expert’s Blockchain Bulletin analyses how the world of blockchain is constantly evolving and heavily impacting the payments industry, with cryptocurrencies, NFTs and the metaverse revolutionising the space.
This week, Visa is continuing to explore multiple digital asset and crypto opportunities with two partnership deals with Wirex and Tangem, whilst Kraken secured a lucrative agreement with a Premier League club.
Visa & Wirex to make TradFi to DeFi transition seamless
In a bid to make traditional finance and decentralised finance transactions more seamless, Wirex and Visa partnered to make the process more seamless and user friendly.
Both parties intend to make this possibility a reality via the Wirex Pay app, a payment chain that supports payments from either traditional payment rails and blockchain technology.
Cuy Sheffield, Head of Crypto at Visa, said: “Partnering with Wirex to help integrate blockchain technology with traditional finance, including the launch of Wirex Pay, aligns closely with our vision for the future of payments while highlighting the importance of collaboration in driving fintech innovation.”
Visa installed into Tangem’s crypto wallet
The payment’s giant also made an agreement with crypto wallet provider Tangem to install its range of card capabilities to enable seamless crypto transactions.
Eligible for a range of cryptocurrencies and stablecoins, Visa’s card payment benefits will grow Tangem’s reach across several new locations. Ideally, the duo hope to increase crypto payment adoption as well.
Andrey Kurennykh, Co-Founder and CEO of Tangem, said: “Our users will get a two-in-one solution – the convenience of a regular bank card and the capabilities of a self-custodial crypto wallet, all in one card.”
Bank of Italy clarifies MiCA guidelines to land based companies
Bank of Italy Governor, Fabio Panetta, has informed crypto companies within the country that some Markets in Crypto Assets (MiCA) regulations may not apply to its own rulings.
Panetta revealed that whilst MiCA’s laws surrounding electronic money tokens will apply, the same can not be said for its oversight on asset-reference tokens, as the Bank of Italy has its own guidelines.
He said: “Our assessment is that the only instruments that can serve as means of payment fully preserving the public’s trust are EMTs, electronic money tokens, which can be issued by banks or electronic money institutions.”
Kraken gains shirt sleeve sponsor exposure from Tottenham Hotspur
Crypto exchange Kraken will gain major exposure after landing a shirt sleeve sponsorship deal with Premier League club Tottenham Hotspur.
Kraken’s logo will feature on both the men’s and women’s shirt sleeves, with the crypto exchange revealing it will produce exclusive content, fan pop-ups, and behind-the-scenes access to engage and educate fans on crypto.
As well as additional branding across the Tottenham Hotspur Stadium, underneath the stadium for the F1 Drive karting experience, Kraken will hope this deal will enhance its image not just in the UK, but also across the world.
Nuvei to make seamless digital payments via Mastercard
Canadian fintech Nuvei is offering seamless fiat-to-crypto digital payments for its customers thanks to a recent partnership with Mastercard.
European Nuvei users will be supported with a rapid and user-friendly solution, designed to seamlessly convert a wide range of supported digital assets into their preferred fiat currency.
Users can then transfer the funds to their eligible Mastercard in near real-time, leveraging Mastercard Move’s money movement capabilities. Without the need for third-party exchanges or money service businesses, the integrated solution aims to simplify digital value into global spending circulation.