Visa announced it would take its cryptocurrency services to traditional banks in Brazil.
The cryptocurrency Bitcoin is legal in Brazil, and there are no restrictions on individuals buying, selling, or using cryptocurrencies for non-criminal purposes. Recently Visa expressed its intention of accepting bitcoin payments in Brazil.
According to Visa, it is working with many cryptocurrency companies to bring digital payment cards to the Brazilian market. Also, the company mentioned a possible direct integration of Bitcoin (BTC) in payments.
Visa is working with banks in Brazil including, but not limited to, Alterbank, Zro, and Ripio. These banks are in the forefront of the digital asset markets
AlterBank is a digital bank specializing in cryptocurrency trading that handled BRL 184 million in bitcoin trades in the first half of 2021.
Last year Zro Bank launched a card with cashback in Bitcoin for debit purchases. This was the first card of its kind to use cash back through cryptocurrency with retroactive effect for cash purchases.
Ripio is the largest crypto-platform in latin america. Ripio is a financial payments company that provides electronic payment solutions for businesses in Latin America. Ripio uses blockchain technology to build infrastructure for the local crypto ecosystem with the objective of extending access to the digital economy in emerging markets.
Also Brazil is estimated to increased the number of ATM Bitcoin machines, with most of these installations located in the country’s largest cities. Currently, the Latin American country has six cryptocurrency withdrawal machines.
