News from Africa: South African crypto exchange Valr recently announced that it has entered into a partnership with Visa, the renowned global credit card company, to expand the reach of its services.
Specifically, the two companies have agreed to develop a solution that will allow Valr’s customers to use Visa’s payment infrastructure to conduct cryptocurrency transactions. See below for full details.
Summary
Collaboration between Valr and Visa: Africa paves the way for new opportunities in the crypto world
As expected, the South African crypto exchange Valr has entered into a strategic partnership with Visa, the world’s leading payment card company.
Specifically, this collaboration aims to expand the use of cryptocurrencies both within and outside of South Africa.
The agreement also underlines the willingness of both companies to work together to develop payment solutions that combine Valr’s cryptocurrency expertise with Visa’s extensive network.
Farzam Ehsani, CEO and co-founder of Valr, hailed the partnership as a crucial step that will enable the exchange to enrich its product and service offering. He said:
“Visa is an established name in the world of payments, with extensive experience and global reach. Partnering with Visa was a natural move for Valr as we look to bring more innovative solutions to our customer base.”
On the other hand, Lineshree Moodley, General Manager of Visa South Africa, confirmed that the two companies will work together to develop a solution that will enable Valr’s customers to make and receive payments using Visa’s extensive payment network.
For Valr, this partnership represents a significant step towards its goal of becoming a global platform for digital assets. The announcement also comes less than a month after Valr began the process of obtaining a licence in the United Arab Emirates.
Bybit expands presence in South Africa with new crypto trading services
Bybit, one of the world’s leading cryptocurrency exchanges, recently announced a significant expansion into the South African market with the official launch of cryptocurrency-related derivative products and a new on-ramp fiat service.
This initiative aims to meet the growing demand for cryptocurrency trading in South Africa, while maintaining full compliance with local regulations.
Bybit will operate in South Africa as the legal representative of Money Doc (Proprietary) Limited, a licensed financial services provider.
This partnership will ensure that Bybit is fully compliant with legal requirements, creating a safe and regulated trading environment for South African residents.
A key feature of this expansion is the introduction of an on-ramp fiat service for the South African Rand (ZAR). Users will be able to deposit rands easily through bank transfers, including an instant transfer option.
This service is designed to simplify the buying and selling of cryptocurrencies, giving South African traders and investors access to Bybit’s renowned liquidity and trading tools.
Bybit’s expansion into South Africa reflects the company’s commitment to ensuring global accessibility and providing state-of-the-art tools, support and opportunities to cryptocurrency enthusiasts worldwide.
With this move, Bybit aims to provide South African traders and investors with a safe and compliant way to explore the exciting world of cryptocurrency trading.
As the cryptocurrency market continues to evolve, Bybit’s presence in South Africa will contribute to the growth of the local crypto ecosystem by providing users with a reliable platform for their digital asset trading activities.
Visa invests $100 million in generative artificial intelligence initiatives
Visa recently took a significant step into the world of artificial intelligence (AI) with an innovative $100 million fund dedicated to investing in generative AI projects.
The initiative aims to support companies developing generative AI technologies and their applications in commerce and payments.
The fund will be managed by Visa Ventures, the company’s investment arm, which has been supporting innovation in payments and commerce since its inception in 2007.
Recall that generative artificial intelligence is a revolutionary technology capable of creating different types of content, including text, images, audio and synthetic data. Notable examples such as OpenAI’s ChatGPT and Google’s Bard demonstrate the ability of generative AI to understand and generate human-like content.
Visa’s Chief Product and Strategy Officer, Jack Forestell, has expressed great optimism about the future of generative AI in the financial sector, highlighting how this technology will revolutionise not only the way we live and work, but also the world of commerce, which demands the utmost attention.
Visa’s latest foray into generative AI is a continuation of its long-term commitment to integrating AI into its operations.
In 2022, Visa’s real-time fraud monitoring system, Visa Advanced Authorisation, helped thwart approximately $27 billion in fraudulent transactions.
Also in 2021, Visa introduced VisaNet +AI, a suite of AI-based services designed to address everyday challenges such as managing account balances and other settlement issues.
