WhiteBIT and Visa have initiated a collaboration through the signing of a memorandum of understanding, aiming to enhance the convenience of using cryptocurrencies, including in markets across Central and Eastern Europe, the Middle East, and Africa.
WhiteBIT, a European-rooted exchange, has long been committed to integrating blockchain technology into everyday life. Therefore, this collaboration can be considered a successful endeavor.
Moreover, for a global leader in digital payments like Visa, such partnerships with crypto projects are not new; they have been paving the way for ordinary users to get involved in the crypto world for a long time.
Visa
Visa is a worldwide leader in digital payments. The mission of the company is to connect the world with the most innovative, reliable, and secure payment network, enabling individuals, businesses, and economies to thrive.
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According to the Visa fact sheet, its advanced global processing network, VisaNet, ensures secure and reliable payments worldwide, capable of handling over 65,000 transaction messages per second. The company’s commitment to innovation contributes to the rapid growth of connected commerce across any device.
As early as 2021, Visa announced its intention to allow the use of cryptocurrencies for settling transactions within its payment network.
Visa with Gnosis Pay and Gnosis Card
In a July tweet, Coindesk revealed Visa’s partnership with Gnosis Pay and Gnosis Card. Many enthusiasts believe this merger will revolutionize the payment landscape, providing a decentralized payment network that enables Web3 developers to integrate traditional payment schemes.
Sidechain @gnosischain is releasing Gnosis Pay and Gnosis Card, allowing web3 users to use their stablecoins to purchase products in everyday life, @cryptauxmargaux reportshttps://t.co/VgvkyuLlZO
— CoinDesk (@CoinDesk) July 17, 2023
Advantages of the Visa-Gnosis Pay and Gnosis Card Partnership
1. The introduction of web3 technology to millions of users worldwide who were previously not familiar with DeFi.
2. Gnosis Card, the first officially certified consumer Visa debit card, directly connects to a self-stored network wallet, allowing users to leverage decentralized finance benefits.
3. By combining Visa Debit technology with Project Safe’s smart contract wallet and the account abstraction infrastructure (previously developed by Gnosis and now an industry standard), Gnosis Pay utilizes the power of the next-generation Web3 infrastructure.
Marcos Nuñez, Co-Founder and CEO of Gnosis Pay highlighted the importance of the Gnosis Card in breaking barriers between online and offline activities. He also emphasized that Gnosis Pay offers a reliable solution for retail users seeking to use their digital assets in the fiat world.
WhiteBIT
As one of Europe’s largest cryptocurrency exchanges, WhiteBIT aims to effectively respond to the growing demand for cryptocurrencies among Europeans, working on solutions for convenient digital asset usage.
Founded in 2018, WhiteBIT currently employs 1000 specialists. What’s more, WhiteBIT offers over 250 trading pairs, 270 digital assets, and 10 fiat currencies. Its highest daily trading volume exceeds $2.5 billion.
WhiteBIT collaborates with FC Barcelona
WhiteBIT’s collaboration with FC Barcelona involves not only media presence during major team matches but also star-studded collaborations, joint projects, and much more. The partnership with Barça Innovation Hub, a center for professional football research, aims to shape the future and set industry standards.
🔵🔴 FC Barcelona team, we are thrilled to see you on the field again! Let's dive into this new chapter and witness FC Barcelona once again setting the level! pic.twitter.com/ot6iIe2PFR
— WhiteBIT (@WhiteBit) August 11, 2023
The objective of this partnership includes popularizing cutting-edge technological and sports solutions. Such a collaboration on this scale once again reaffirms that leaders of progressive solutions must and will support each other.
The collaboration of WhiteBIT with MoneyGram Access enables Crypto-to-Cash transactions for non-bank users.
We're thrilled to announce that @WhiteBit has become the newest partner to join MoneyGram Access!
With this integration, WhiteBit is able to offer users access to @MoneyGram's crypto-to-cash off-ramps across participating locations in Ukraine.https://t.co/tqNTIcUbls
— Stellar (@StellarOrg) July 5, 2023
What Did the Partnership with MoneyGram Access Bring?
The partnership provided users of the exchange access to MoneyGram terminals for exchanging crypto for cash at locations across Ukraine.
WhiteBIT via VISA
Through this collaboration, Visa will assist WhiteBIT in establishing strong relationships with banks and fintech companies that are Visa partners and interested in incorporating cryptocurrency-related products.
WhiteBIT and Visa, the world leader in digital payments, signed a memorandum of Understanding to cooperate across the CEMEA region, which includes Central and Eastern Europe, the Middle East, and African markets. ⬇️ pic.twitter.com/x5nrUXBvLH
— WhiteBIT (@WhiteBit) August 11, 2023
The founder and CEO of WhiteBIT – Volodymyr Nosov said in a statement,
“Our company’s global goal and mission are to achieve widespread blockchain technology adoption. As we are confident that the future lies in digital technology, it’s important for us to have Visa as our strategic partner in achieving this goal. Collaborating with a global leader will help us integrate cryptocurrencies into the mainstream financial sector and attract more banking partners worldwide. This synergy between traditional financial players and innovative cryptocurrency exchanges will provide cryptocurrency holders with even more opportunities.”
Cryptocurrencies are achieving remarkable global acceptance. Europe, in particular, could become a leader in blockchain and digital asset adoption due to innovative legislation facilitating safer interactions between banks and the crypto industry. Such synergy between traditional financial players and innovative cryptocurrency exchanges will provide cryptocurrency holders with even more opportunities.
Evgeny Lisnyak – Senior Director and Head of Fintech and Ventures Strategic Partnership, Visa CISSEE, said in a statement,
“users can securely spend money using Visa cards worldwide wherever Visa is accepted. By signing the Memorandum with WhiteBIT, we will be assisting the company, along with banks and fintech companies, in launching card programs where appropriate legislation exists.”
Conclusion
In the rapidly evolving landscape of finance, the partnership between WhiteBIT and Visa stands as a testament to the ongoing transformation of the digital payment realm. With the signing of a memorandum of understanding, these two giants are united in their pursuit of enhancing the ease of utilizing cryptocurrencies, spanning so many markets.
The global proliferation of cryptocurrencies, particularly in Europe, signals a new era of financial inclusivity and innovation. This article showcases the ongoing fusion of recognized financial titans like Visa and innovative players like WhiteBIT, cementing an environment where cryptocurrency holders can tap into a broader spectrum of financial opportunities.
In closing, this collaboration signifies a shared commitment to shaping a digital financial future that empowers individuals and businesses alike, bridging the gap between conventional finance and the innovative potential of blockchain and cryptocurrencies.
Read More: Gamers Embrace New BTC-Based Blockchain Game, WhiteBIT Releases Mainnet
Deniz Tutku
Deniz Tutku is a digital journalist with a background in copywriting. A longtime cryptocurrency enthusiast, she has been following the industry closely for many years. Having moved on from her early career, Deniz now writes extensively about various events and developments in the cryptocurrency world, providing her audience with in-depth and informed views on the field.