For the first time in six months, Visa has decided to partner with a cryptocurrency exchange. The company signed a Memorandum of Understanding (MoU) with the crypto exchange WhiteBIT.
Such an agreement emphasizes the payment system's plans to cooperate with the crypto sector and develop this area, which has not received any attention for several months.
As Beincrypto reports, the signed partnership highlights not only the agreement with a company but also Visa's goals to repopularize cryptocurrency.
After regulators began cracking down on cryptocurrency companies, Visa and Mastercard froze their partnerships with cryptocurrency companies in February 2023.
Visa commented, "Recent high-profile failures in the crypto sector are an important reminder that we have a long way to go before crypto becomes a part of mainstream payments and financial services."
While Visa and Mastercard play a key role in the traditional financial sector and banking, they are also focused on technological innovation in blockchain.
One of the most tangible ways to support the crypto industry is for crypto exchanges to partner with banks and payment systems, including Visa, the world's largest payment card network. Visa currently processes approximately 242 billion transactions per year.
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