Legacy Payment Firms Deepen Ties with Crypto Industry

More than a decade ago, Jason Oxman, former CEO of the Electronic Transactions Association (ETA), predicted that traditional payment firms would partner with Bitcoin startups. This prediction is now becoming a reality as Visa and Mastercard work directly with crypto companies on cards, settlement, stablecoins, and payments.

Oxman's comments in 2014 were made following BitPay's entry into the payments industry as the first digital currency company to join ETA. He emphasized that payment companies ultimately respond to how consumers and merchants choose to transact, stating that 'we're in the business of facilitating electronic transactions,' regardless of which technology carries those payments.

Today, partnerships between traditional payment networks and crypto companies have moved from isolated experiments into mainstream adoption. Visa has expanded its stablecoin settlement pilot to nine blockchains, reaching a $7 billion annualized settlement rate. Mastercard's Crypto Partner Program brings together over 100 crypto companies, financial institutions, and payment providers.

The industry's focus has also shifted towards stablecoins, with major card networks working alongside crypto-native companies to develop blockchain payment systems. BitPay continues to expand its regulated crypto payment services across the European Union markets following recent authorization in the Netherlands.