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.”
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.
The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.