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Visa allows Cryptocurrencies to Its Payments Network


With the direct acceptance of payments in USDC, Visa forges new connections between digital and traditional currencies. On Monday Visa Inc allows the use of the cryptocurrency USDC to settle transactions on its payment network. In particular is the latest sign of growing acceptance of digital currencies by the mainstream financial industry. The USD Coin (USDC) is a stablecoin cryptocurrency whose value is pegged directly to the US dollar.

Visa partnership approach

Visa has launched the pilot program with Crypto.com, one of the world’s largest crypto platforms. In addition it plans to offer the USDC settlement capability to additional partners later this year.

Visa conducted the first transaction this month in partnership with Crypto.com, sending USDC to Visa’s Ethereum address at Anchorage. The first federally chartered digital asset bank and an exclusive Visa digital currency settlement partner.

Visa allows Crypto.com to send USDC to Visa to settle a portion of its obligations for the Crypto.com Visacardprogram.

Basically if a customer chooses to use a Crypto.com Visa card to pay, the digital currency held in a cryptocurrency wallet, needs to be converted into traditional money.

To clarify, the cryptocurrency wallet will deposit traditional fiat currency in a bank account. At the end of the day it will be wired by Visa to settle any transactions, adding cost and complexity for businesses.

In conclusion, the last step for Visa will be to use the Ethereum blockchain and to convert digital coin into traditional money in order for the transaction to be settled.

Today Visa allows Cryptocurrencies to Its Payments Network, an important step forward for Visa’s strategy.

Above all Visa is focused on adding differentiated value to the ecosystem and making cryptocurrencies useful, more secure and applicable for payments.

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