South African exchange Valr joins forces with Visa, empowering clients to transfer cryptocurrencies on Visa’s payment network.
A report from Africa Recently, South African cryptocurrency exchange Valr said that, in an effort to broaden the scope of its offerings, it has partnered with Visa, a well-known international credit card firm.
The two businesses have specifically decided to work together to create a solution that would enable Valr’s clients to use Visa’s payment network to transfer cryptocurrencies. See the details in full below.
Partnership between Visa and Valr: Africa opens up new prospects in the cryptocurrency space
The world’s largest payment card corporation, Visa, and the South African cryptocurrency exchange Valr have formed a strategic alliance. This was to be expected.
The specific goal of this partnership is to increase cryptocurrency usage in and out of South Africa.
The agreement also highlights the readiness of both businesses to collaborate in the development of payment solutions that combine Visa’s wide network with Valr’s experience with cryptocurrencies.
The cooperation is a critical move that will allow the exchange to expand its product and service offering, according to Farzam Ehsani, CEO and co-founder of Valr. Says he:
“Visa is an established name in the world of payments, with extensive experience and global reach. Partnering with Visa was a natural move for Valr as we look to bring more innovative solutions to our customer base.”
However, Visa South Africa’s General Manager, Lineshree Moodley, reaffirmed that the two businesses will collaborate to create a solution that will let Valr’s clients send and receive money over Visa’s vast payment network.
This collaboration is a big step towards Valr’s objective of becoming a global platform for digital assets. Less than a month has passed since Valr started the process of applying for a licence in the United Arab Emirates.
With new cryptocurrency trading services, Bybit increases its footprint in South Africa
One of the top cryptocurrency exchanges in the world, Bybit, just revealed a big entry into the South African market with the formal introduction of derivative products related to cryptocurrencies and a new on-ramp fiat service.
This project seeks to fully comply with local legislation while meeting the increasing demand for bitcoin trading in South Africa.
As the authorised agent of Money Doc (Proprietary) Limited, a licenced financial services provider, Bybit will conduct business in South Africa.
Through this collaboration, Bybit will guarantee that all legal criteria are met, giving South African citizens access to a secure and regulated trade environment.
The addition of an on-ramp fiat service for the South African Rand (ZAR) is a crucial component of this growth. Through bank transfers, which include the option for instant transfers, users will find it simple to deposit rands.
With the help of this service, South African traders and investors will have easier access to Bybit’s well-known liquidity and trading tools for cryptocurrencies.
Bybit’s entry into South Africa is indicative of its dedication to guaranteeing accessibility around the globe and offering cutting-edge resources, assistance, and prospects to cryptocurrency aficionados across the globe.
Bybit hopes to give South African investors and dealers a secure, legal option to investigate the fascinating realm of cryptocurrency trading with this step.
Moreover Bybit’s presence in South Africa will support the expansion of the local cryptocurrency ecosystem by giving consumers a dependable platform for trading digital assets as the market for cryptocurrencies continues to develop.
Visa contributes $100 million to projects involving generative AI
Launching a creative $100 million fund, Visa has just made a significant move into the artificial intelligence (AI) space to finance generative AI initiatives.
The initiative’s goal is to assist businesses creating generative AI technologies and the ways in which they might be used in payments and commerce.
The company’s investment division, Visa Ventures, which has supported innovation in payments and commerce since its founding in 2007, will oversee the fund.
Remember that generative AI is a cutting-edge technology that can produce various kinds of material, such as text, images, audio, and synthetic data? Prominent instances like ChatGPT by OpenAI and Bard by Google showcase generative AI’s capacity to comprehend and produce text that has resemblance to human language.
Jack Forestell, Chief Product and Strategy Officer at Visa, has voiced his optimism regarding the application of generative AI in the financial industry, emphasising how this technology will transform not only how we work and live, but also the commerce industry, which is something that needs to be taken very seriously.
Visa is continuing its long-term commitment to incorporating AI into its business with its most recent venture into generative AI.
Finally Visa Advanced Authorization, the company’s real-time fraud monitoring technology, assisted in preventing almost $27 billion worth of fraudulent transactions in 2022. Additionally in 2021, Visa unveiled VisaNet +AI, a collection of AI-powered solutions meant to handle routine problems including account balance management and other settlement-related concerns.
