Tribal Partners with Visa to Expand Business Credit Options

Crypto-focused enterprise payment platform Tribal Credit has partnered with Visa to expand credit and financing options for small and medium-sized businesses in Latin America, highlighting the growing synergies between traditional payment providers and the blockchain industry.

The partnership with Visa allows Tribal to issue business credit cards in local denominations and currencies in Latin America, including Mexico, Brazil, Colombia, Argentina, Chile, Peru, Panama, Uruguay and the Dominican Republic. A Tribal spokesperson told Coin-Crypto that the company’s initial focus is on extending this credit facility to the countries of Colombia, Peru and Chile.

While the Visa partnership is focused on providing traditional financing solutions to small businesses, Tribal’s technology also enables enterprises to use cryptocurrencies and blockchain technology to accept payments and transfer funds. In December 2021, Tribal teamed up with Latin American crypto exchange Bitso and the Stellar Development Foundation to create a new corporate cross-border payment service using Stellar’s USD stablecoin.

Tribal highlighted El Salvador’s Bitcoin law and the growing adoption of cryptocurrencies in Latin America as reasons to continue developing blockchain-based payment solutions.

Related: Mexican Senator Proposes Crypto Law: ‘We Need Bitcoin as Legal Tender’

Visa has also broadened its view of cryptocurrencies and has even developed a blockchain interoperability project for digital payments. Dubbed the “Universal Payment Channel,” the project explores blockchain interoperability with the aim of streamlining the transfer of digital assets across chains. In December 2021, the credit card giant announced a new crypto advisory service that helps merchants and banks integrate digital assets into their business models.

Interestingly, Visa has also entered the non-fungible token market after purchasing a CryptoPunk for $150,000 in August 2021. That same month, Visa published a white paper touting NFTs as a “promising medium for fan engagement.”

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