Despite a tumultuous year in 2022, the crypto industry grew in an unparalleled way compared to other industries at the nascent stage of development, with no signs of slowing down as we enter 2023.
In this era of a radical transformation of traditional finance, it seems to be the only natural development that credit and debit cards are the next set of products to come to the market, providing users a way to convert crypto to fiat.
Visa itself issued its predictions for the new year, and state “soon governments, central banks, traditional financial institutions, and fintech will continue to focus on programmable currency and payments, whether CBDCs or stablecoins or other tokenized fiat currencies.”
With big-name brands such as Crypto.com, Revolut, CoinBase and Binance relying on Visa to settle crypto and fiat payments, it is suspected that 2023 will see even more service providers integrating debit card solutions into their DeFi, crypto, dApp, and related companies.
Yang Lan of Fiat24 says,
as a Swiss company that is licensed and regulated, we extend every crypto wallet with account and payment services, enabling clients to both manage their fiat and crypto assets in our dApp, as well as to make transactions using both assets. It is only a logical next step for us to offer our clients access to a Visa card (available both as a physical card and digital to be used on Apple and Google Pay). We have seen the demand from more and more crypto players to find easy and cheap off-ramp solutions, and Fiat24 works seamlessly with any crypto wallet, meaning that everyone with a wallet can start spending their tokens in everyday life. And we think that is pretty cool.
With more than 320 million people using cryptocurrency globally and an expected global adoption growth rate of 10% by 2030 for Bitcoin (BTC) alone, there is no denying that cryptocurrency is quickly moving toward mainstream acceptance.
All the related innovations that we have witnessed continue to usher in dramatic changes in the financial industry, not least of all in the way we borrow, access, make payments and manage our assets.
As more and more people join the crypto revolution, they want the freedom and flexibility to use crypto to make everyday purchases. Visa crypto-linked cards are helping consumers make use of their crypto when transacting at Visa-accepting merchants around the world.
It is likely that 2023 WILL be the year that we see Crypto Visa and other payment, spending, and gateway services gain further momentum - and hopefully accompanied by a turnaround in the crypto market as well!
Also published here.