VISA Buys a CryptoPunk for $150k

August 25, 2021, 10:15 AM AEST - 1 month ago

VISA, the largest payment processor in the world, bought an Ethereum token. But why? Are they really interested in NFTs, or is it all just a big PR stunt?

The Punk bought by VISA

VISA bought CryptoPunk 7610 for 49.50 ETH (approximately US$149,939). The interesting thing about the transaction was that in order to purchase the CryptoPunk, Visa actually had to buy ETH to make the transaction. This is very bullish news for Ethereum, that companies as big as VISA are buying ETH to make transactional purchases.

Cuy Sheffield, VISA’s head of crypto, said in a company blog post that VISA wanted to “signal our support” for people involved in the NFT market.

Visa Enters a New Era of NFT-Commerce

VISA announced via Twitter: “We enter a new era of NFT-commerce, VISA welcomes CryptoPunk #7610 to our collection.”

We think NFTs will play an important role in the future of retail, social media, entertainment and commerce.

Cuy Sheffield, VISA’s head of crypto

Essentially what this means is that VISA is open to cryptocurrency. Crypto trader and YouTuber That Martini Guy says that by participating in the space, VISA is showing massive support for blockchain as a whole and adds: “This is one of the reasons why I’m so bullish and so confident on cryptocurrency in the long term. These companies know that they don’t have a choice. If everybody continues to use all of these systems, they have no choice but to adopt these systems.”

Since purchasing CryptoPunk #7610, the official VISA Twitter account has changed its profile pic to an Ethereum-based CryptoPunk NFT:

VISA Twitter profile – archive.is

It is no secret that VISA has major plans for cryptocurrency adoption. By getting on the NFT bandwagon and buying a Punk, this not only gets it some free press but also helps crypto reach the mainstream media. For more, read Crypto News Australia‘s recent story on the first Aussie VISA crypto debit card.

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