The partnership with Visa allows Tribal to issue business credit cards in local denominations and currencies across Latin America, including Mexico, Brazil, Colombia, Argentina, Chile, Peru, Panama, Uruguay, and the Dominican Republic.
While the Visa partnership is centred around providing small businesses with traditional financing solutions, Tribal’s technology also allows enterprises to utilise cryptocurrencies and blockchain technology to accept payments and transfer funds. In December 2021, Tribal partnered with Latin American crypto exchange Bitso and the Stellar Development Foundation to create a new enterprise cross-border payment service that utilises Stellar’s USD stablecoin.
Tribal highlighted El Salvador’s Bitcoin Law and the growing acceptance of cryptocurrencies in Latin America as reasons to continue developing blockchain-based payment solutions. Visa, too, has broadened its outlook on cryptocurrencies and has even developed a blockchain interoperability project for digital payments. The project, dubbed ‘Universal Payment Channel’ is researching interoperability with the aim of streamlining digital asset transfers across chains.
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