Five Brazilian fintechs, out of 400 registered, were selected for the next phase of the Visa Everywhere 2022 Initiative, run by the card giant itself. The competition tries to find products related to cryptocurrencies, blockchain, crowdfunding and others.
Now these five Brazilian companies will compete with 20 others from other regions for the maximum prize of $100,000 (R$510,000). In addition, they also compete for other smaller prizes, totaling over US$500,000 (R$2.56 million).
This is further proof of Visa’s commitment to embrace cryptocurrencies. In December, the company had already indicated that it would continue to support them. Therefore, it seems to be preparing for an almost inevitable future.
Brazilian fintechs looking for innovation
As a highlight, one of the five Brazilian finalists is Valora App, a company backed by American rappers Nas and P. Diddy, as well as a16z. The company’s goal is to make using cryptocurrencies as easy as sending a message. The app works on the Celo blockchain and also offers rewards for using it.
In addition, ConcoConta was one of five that Visa chose. The aim is to facilitate financial operations for condominiums and reduce their costs. Then we also have Open Co, created from a merger of Geru and Rubel, with the aim of providing better business in obtaining credit.
Rounding out the five is Grydd, without much information about it, as well as Divibank. that promises fast capital for small businesses looking to leverage their reach through digital marketing.
Visa looks at cryptocurrencies
With this Visa initiative, it is clear that cryptocurrencies are becoming an increasingly common tool and with increasing demand from both the industry and individuals.
Moreover, the card giant has already proven that it is not only interested in this sector, but also supports it. In December of this year, Visa’s head of the cryptocurrency sector stated that the company will continue to support them.
After all, real (BRL), dollar (USD) or bitcoin (BTC), it doesn’t matter, Visa can implement any money into its system. Therefore, this seems like the surest bet you can make, because if cryptocurrencies continue to grow, they will already be ready.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
