Got to know this news after seeing my holdings in Tenx dropped drastically. Same thing happened to all cryptocurrency-based Visa card like Bitwala, Cryptopay, and Wirex. For those who have no idea what these cards do, they enable users to make payment using their cryptocurrency via Visa tunnel.
Visa decided that cryptocurrency is not a valid payment system and that's the reason they called off the partnership.
To me this is not surprising at all. Traditional payment system like Visa and Mastercard should be one of the biggest victims if cryptocurrency is widely adopted one day. That means people will leave centralised authority to start point to point payment. Having no clients for Visa to charge their blood-sucking fee, it is doomsday for them.
It's great that Visa was once be so supportive to cryptocurrency and by using card like Tenx people found it was the mainstream way to make real use of their digital coins. May be as time went by crypto market has been soaring and Visa started to realise they might be in danger.
After the service shutdown, users will now have to find a new way to spend in the new currency. However, as long as we need to convert into fiat first in order to spend crypto, problems as such will keep arising over and over.
We need a world where buyer and seller only talk in cryptocurrency without fiat at all, and that we called real adoption.
