Visa Invests $5 Billion In Fintech Firm, Boost In Crypto Expected

Visa invests about $5 billion in a fintech firm that provides services to connect to a payment apps to bank accounts and this could be good news for the entire crypto industry for the upcoming years as we are reading further in the crypto news.

The credit card payments giant Visa invests in various projects with the goal to tap into consumers’ growing use of fintech apps and internet payments with its latest acquisition of the Plaid platform as the industry evolves into an app-based ecosystem. Plaid provides software that gives the apps such as Venmo and Square app, access to financial accounts so the fintech firm raised a funding of $2.65 billion valuation that has just doubled. In the meantime, Visa has a market value of $420 billion which is more than double the entire crypto asset market cap so the company made a staggering $23 billion in revenue last year so it clearly doesn’t want Plaid for the earning potential.

The company is now looking to expand the client base and is largely based on the banks providing debit and credit cards into the expanding internet payments arena. Plaid also works with the crypto-based companies such as Robinhood and Coinbase so Visa is now looking for a slice of that pie which is comparatively small but high in lucrative value.
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Visa pulled out of Facebook’s Libra project in 2019 and has ambitions to roll out additional online services and has the capability to take Plaid across the world with thousands of customers in more than 200 countries.

The move doesn’t quite affect the decentralized digital assets markets but it could be better for the wider adoption in the long run. Anthony Pompliano, the co-founder at Morgan Creek Digital, commented on how the entire industry is changing:

 “Incumbent financial services companies are going to spend the next 3-5 years buying up various fintech startups. If they don’t, the startups will put them out of business.”

There were a lot of people asking the fintech firm boss whether Ripple will be making a similar acquisition over the upcoming years as the XRP Army enhances their hopes for the tokens rising from the digital ashes. There will also be more decentralization in the future of finance since the industry is changing.
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The DeFi markets will also continue to grow at a staggering price once younger generations will come to realize that they don’t have to rely on monopolistic platforms that have control over their money.