Crypto-focused corporate payment platform Tribal Credit has partnered with Visa to expand lending and financing options to small and medium-sized businesses in Latin America, highlighting the growing synergy between traditional payment providers and the blockchain industry.
The Visa partnership allows Tribal to issue business credit cards in denominations and local currencies in Latin America, including Mexico, Brazil, Colombia, Argentina, Chile, Peru, Panama, Uruguay and the Dominican Republic. A tribal spokesperson told Cointelegraph that the company initially focused on offering this line of credit to the countries of Colombia, Peru and Chile.
While Visa’s partnership focuses on providing small businesses with traditional financial solutions, Tribal’s technology also allows businesses to use cryptocurrency and blockchain technology to accept payments and transfer funds. In December 2021, Tribal partnered with Latin American crypto exchange Bitso and the Stellar Development Foundation to create a new cross-border payment service for businesses using Stellar’s USD stablecoin.
Tribal has highlighted the bitcoin law in El Salvador and the growing acceptance of cryptocurrencies in Latin America as reasons to continue developing blockchain-based payment solutions.
Related: Mexican Senator Proposes Cryptocurrency Law: ‘We Need Bitcoin as Legal Currency’
Visa has also expanded its view of cryptocurrencies and developed a blockchain interoperability project for digital payments. The project, called “Global Payment Channel,” explores blockchain interoperability to improve the transmission of digital assets across chains. In December 2021, the credit card giant announced a new cryptocurrency advisory service designed to help sellers and banks integrate digital assets into their business models.
Interestingly, Visa also entered the non-fungible token market after purchasing CryptoPunk for $150,000 in August 2021. In the same month, Visa issued a white paper declaring NFT a “promising broker to engage in logos.”