ZenGo, the upcoming crypto start-up has joined the Visa Fintech Fast Track program in a move to develop a non-custodial crypto payment card.
By joining the accelerator program, the firm will now be able to access the resources of Visa to leverage its technology and offerings.
A new card on the anvil
ZenGo, a major crypto firm that is quite known for its singular keyless multicurrency wallet will now be joining the bandwagon of Visa’s Fintech Fast track program. This is a feature that provides firms with the benefit of integrations with Visa payment systems. ZenGo has now taken it forward and intends to take advantage by creating a non-custodial crypto payment card initially for the likes of the US users and later on to other locations.
The credit card is touted to be the first card linked to a self-hosted, on-chain multi-currency wallet in which the funds will be user-controlled. Relative to others in the market, this stands out because it is non-custodial. ZenGo CEO Ouriel Ohayon said,
“This is an important step forward in our quest to make crypto-currency useful and usable by everyone. Payments are one of the most important and underserved needs of our industry and we are excited to work with Visa on this.”
Source: Twitter
The Fast track program
The new crypto credit card is not intended just for storage or swapping but also spending to a large extent. As per its statement, it intends to add support for multiple currencies and ensure that the users have full control. The company head believes that the new visa card has all the ingredients for the mass to adopt it and see its benefits.
The Fast track program from Visa first opened its doors to the US firms in 2019 with the aim to ensure the services reach the market, with enough venture capital to scale up their businesses. After one year, the program has successfully managed to assist more than 140 companies including TrustToken, Stripe, Fold, and many more.
Visa Head of Crypto Cuy Sheffield noted,
“As the preferred network for digital currency wallets, we are excited to help innovative fintech like ZenGo harness the value of Visa’s network. It can support ZenGo with access to Visa’s experts, technology, and resources to scale with efficiency.”
ZenGo believes that the program will help upcoming companies such as theirs to be associated with the program. By coming under the umbrella of the program, it will be able to access rapidly all the capabilities reserved for larger fintech companies.
The company has not divulged further details as of now, but if the product turns out to be the way it has been intended, it is expected to be warmly appreciated by those who will see value in it.
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