In early 2020, Bitcoin Lightning developer and Zap, Inc. founder Jack Mallers announced a project called “Strike.”
Strike has the goal of allowing people to buy items in dollars via bitcoin. In other words, using direct bank deposits, individuals can receive bitcoin as dollars. Additionally, a Visa card may also be available in the future.
“Zap, Inc. has joined Visa’s Fast Track program,” Mallers explained. “Visa works with members of the Fast Track program to help them go to market in the most efficient way possible, providing them support and resources every step of the way.”
He added how his primary focus in 2020 is to launch a Strike card for a consumer application along with Visa Direct integration. Such a launch and integration would increase the speed of Venmo payments.
“They are a partner for our consumer issuance offering and are not involved in our merchant offering at all,” Mallers clarified about Visa.
Visa is not new to working with companies that specialize in cryptocurrency, however. Prior to Strike, Visa worked with Fold, which is a shopping rewards application and a current member in the Fast Track program. The company is also working with Coinbase in terms of offering Visa cards to users with an interest in digital currencies.
According to the Fold website, every time a user swipes their Fold card, they would receive a percentage of their purchase back in the form of bitcoin. “It’s real bitcoin that goes right into your Fold account,” the page informed.
As for Coinbase, it offers its users Visa debit cards that allows them to easily spend funds within their Coinbase account cryptocurrency wallets. In order to receive a Coinbase card in the first place, a user must download the Coinbase Card application on either iOS or Android.
After following the instructions within the application, a user can then securely connect it to their Coinbase account and begin using their virtual card. A physical card will also be sent to the user’s address.
The card can be used anywhere that Visa is accepted, according to the website. “Pay with contactless, PIN or withdraw cash from any ATM,” the website explained. Additionally, users may choose which cryptocurrency wallet they wish to pay with via the application. For example, users may switch between bitcoin and ethereum among other available digital currencies.
As cryptocurrency continues to make it mark when it comes to digital transactions, businesses should be prepared to adapt to and understand the new technology. With customer bases becoming increasingly diverse due to the options provided by Visa, merchants, especially, should also stay up-to-date with the latest developments and trends when it comes to less traditional payment methods.
Find Your Audience is here to help businesses make that transition easier. This is in addition to providing advice, consultations, and customized long-term strategies to clients who wish to bring their business to the present and future. To learn more, contact either 647-479-0688 or firstname.lastname@example.org. The Find Your Audience team is always ready to provide clients with the support they need along with increased sales and performance-driven results.