There is no lack of antitrust charges. However, this time let’s have a look at the case of Visa. According to the Department of Justice, it is investigating the payments giant’s acquisition of financial service company Plaid. Despite legal challenges, Visa continues to strengthen its positions in the market, not only across the traditional financial landscape but also in crypto payments.
It is worth noting that, Visa cards processed almost $2.2 trillion worth of transactions in the fourth quarter of 2019. Moreover, even in the cryptocurrency space, the company gained strong grounds and powers some of the most famous cryptocurrency cards.
Interestingly, as stated above, Visa has an extensive reach in the cryptocurrency space. Importantly, the San Francisco-based crypto exchange Coinbase announced plans to launch Visa-powered cryptocurrency debit cards in the United States.
As a reminder, this card is already available in the European Union and the United Kingdom since 2019. Moreover, early next year the major crypto exchange will also start delivering its cards to people from all U.S. states except for Hawaii.
Visa and U.S. customers
Based on the information provided by Coinbase, the card will support stablecoins and other cryptocurrencies supported on its platform. Importantly, users will be able to make payments or withdraw money using their Visa-powered crypto debit cards. They will need to use any portal that supports Visa cards.
Interestingly, crypto credit as well as crypto debit cards make such payments more convenient. Furthermore, the integration of cryptocurrencies to PayPal represents another major boost when it comes to cryptocurrency adoption.
However, the expansion of these companies into the financial technology space may become problematic for the U.S. government. These companies struggled to comply with antitrust laws and it is not surprising that the government wants to make sure that such companies will be able to comply with regulations in the future.
It won’t be easy to solve all issues in a short period of time. Nevertheless, the U.S. government should work with crypto exchanges and other related companies to come up with the best solution. Moreover, the U.S. along with other countries should join forces to create a crypto-friendly environment.
Furthermore, there is no need to make hasty decisions, as such decisions have the potential to create additional problems for the whole industry. Unfortunately, the process of cryptocurrency adoption is far from being over and it could take at least several years to reach this goal.