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In yet another apparent twist to the possibilities of the canine cryptocurrency in its quest to dominate the most forms of transaction, it appears a meme coin crypto holder has indicated that the Dogecard as a Visa is a work in progress at the moment.
The millionaire Glauber Contessoto stated that a Visa card issued by Visa Inc is part of the strategy to ensure the meme token has the edge over other cryptocurrency coins in the industry. Connecting Dogecoin with interested financial service providers is the first step toward achieving inclusive financial coverage for the currency wallet holders.
How It Happened
A Friday night tweet by Contessoto where he displayed an image of the proposed card on his Twitter handle has drawn the attention of thousands of his followers, as can be seen on his Twitter feed.
As expected, the tweet attracted many reactions, with many followers expressing their support for such a remarkable collaboration between Dogecoin and Visa Inc. Most commenters are hopeful for the partnership to see the light of day because this could be the biggest deal between a financial service provider and a digital coin platform.
However, other replies indicated that Contessoto didn’t convince his followers of the idea. They believe that Contessoto’s tweeting about the purported partnership does more harm than good to the coin’s progress. According to the commenters, it is too early to let the deal out in the open because their competitors might sabotage it.
Another Twitter user stated that the co-founder of Dogecoin, Billy Markus, has since made his opposition to the deal clear between the two parties to produce a credit card for Dogecoin. He believed that the time was not yet right to enter into a huge agreement, and the mechanism to make Dogecoin stable in a partnership like this was absent.
Why The Deal Is Important
It is no surprise that the crypto industry is consistently moving to leverage the existing financial service framework to make a case for itself. While this is the right thing to do, most insiders in the industry stressed that cryptocurrencies could not perform efficiently in isolation from the conventional financial institutions and frameworks.
Consequently, more financial institutions are beginning to partner with the leading digital coins to ensure inclusivity to an otherwise neglected market.
It is on record that both MasterCard and Visa Inc are fully involved in partnerships that have to do with cryptocurrency. Speaking of Mastercard, it has previously announced a partnership with Coinbase Global Inc. Users can effortlessly use Mastercard’s debit and credit cards to make transactions on the crypto exchange platform with the NFT in mind.
Visa, on its part, entered into a deal with BlockFi in 2020. The reported partnership allowed its cardholders to receive some percentage of their transactions in tokens.
The partnership is borne out of understanding and commitment between the two companies to ensure hassle-free transactions and transfer funds between wallets.