In the last couple of years, cryptocurrency and blockchain technology have become increasingly popular and entered the mainstream of financial transactions across nations. Visa and Mastercard, the giants in the global payment industry, have also participated in boosting the crypto adoption process through various initiatives.
Visa is launching a tokenized financial platform for farmers. Mastercard is about to partner with more crypto firms and increase its range of crypto payment cards, which are both remarkable initiatives that will benefit crypto adoption.
Visa is one of the participants in the Launching Investment for Future Transformation (LIFT) challenge of the Central Bank of Brazil. The competition required the participants to explore innovative use cases based on blockchain technology.
Being one of the competition's finalists, Visa collaborated with Agrotoken, Microsoft, and Sinqia to develop a tokenized financial platform for SMEs (Small and Medium-sized Enterprises), especially farmers. This platform will increase the accessibility of the global capital markets to farmers, facilitate transactions between currencies, and massively improve operations.
This platform by Visa should be able to create new opportunities for growth for farmers and SMEs. The platform will allow farmers to tokenize traditional contracts and convert legal documents into tradable NFTs on the blockchain. This platform uses Visa's Universal Payment Channel (UPC) technology to connect Real Digital Future (CBDC) and other CBDCs, tokenized deposits, and stablecoins, ensuring currency interoperability.
Microsoft has also collaborated with Visa on this project. The platform will ensure user safety by validating its transactions with the help of Microsoft's Data Mesh and data masking framework. It is also equipped with optical recognition, using which it can authenticate users by reading face data.
Mastercard has also introduced the Mastercard Crypto Credential, an infrastructure that will verify interactions among customers and businesses using the blockchain network and blockchain technology.
This platform aims to provide a foundation for institutions, governments, businesses, and crypto players, providing common standards and infrastructure. Mastercard has also partnered with various exchanges like Binance and Nexo to provide crypto-linked payment cards.
Mastercard Crypto Credential will also provide the necessary technology to create more use cases in the procedure of financial transactions. The simple aliases provided to the users will enable them to share their wallet addresses with others easily. It will also bring richer information to the blockchain transactions through metadata, ensuring the proper completion of transactions.
Uphold, Bit2Me, Lirium, and Mercado Bitcoin have partnered with Mastercard in the initial pilot project enabling transfers between U.S., Latin America, and the Caribbean. Mastercard is even collaborating with Aptos Labs, Ava Labs, Polygon, and Solana, which are public blockchain networks.
These initiatives by Visa and Mastercard are great news for crypto adoption. Millions across the world trust Visa and Mastercard. Their increasing participation in cryptocurrency projects will increase the trustworthiness of cryptocurrencies and blockchain technology.