Visa buys CryptoPunk, takes a step into the NFT market

CryptoPunk 7610

The NFT craze continues to attract people, as well as businesses in, with the most recent example of this being Visa’s own entry into the NFT space. The company just purchased CryptoPunk digital art, according to its announcement from earlier today, August 23rd. The multinational financial services giant spent around 50 Ethereum (ETH/USD) for a CryptoPunk NFT, and in doing so, it has once again proven its support for the digital currency sector.

The company announced its acquisition of CryptoPunk #7610 in a recent Twitter post, noting that the transaction was actually completed five days ago, on August 18th. At the time, the company paid 49.5 ETH in order to obtain the non-fungible token. Translated into fiat, the amount is approximately $160,000, according to the current price of Ether.

With the purchase, the NFT is going to join Visa’s historic commerce artifacts, which also include things like zip-zap machines, as well as paper credit cards. Not only that, but Visa also published an in-depth report regarding the NFTs’ functions and benefits of owning them and using them for its own future strategy.

The report says that the company believes that NFTs will have a major role in the future of social media, entertainment, retail, and commerce. With that in mind, its goal is to help its ever-increasing number of clients access and use NFTs by offering the necessary infrastructure to do so in a safe environment.

Visa continues building ties to crypto

With this move, Visa is stepping even deeper into crypto, which is something it has already been doing for a long time. It has partnered with a number of major crypto corporations, such as Binance, Simplex, Circle, and alike.

Even its CEO mentioned earlier this year that the company might opt to add digital asset transactions to its network directly, at some point. With the Visa network being used by millions across the globe, this is a huge amount of exposure for crypto.

Not to mention that Visa’s reputation is further legitimizing the digital currency industry.


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