US financial group Visa announced on Monday that payments with digital currencies have made their appearance on Visa’s payment platform. The payments giant revealed that the company will use USD Coin (USDC), a regulated token built on the Ethereum network.
A lot has changed since Dee Hock founded Visa.
The 29th. In March, Visa announced the integration of cryptocurrencies into its payment platform. The company says a lot has changed since Dee Hock founded Visa and that Visa now needs to think about new form factors for money.
BREAKING: Visa was the first major payment network to adopt the digital dollar (USDC) and settle transactions in the new banking system instead of the old.
Eventually, any payment network will suffice.
– Pompa (@APompliano) 29. March 2021
Visa will test the new USDC features on the Crypto.com cryptocurrency exchange and then offer USDC settlement options to other customers in the future.
Today’s announcement marks an important step in our ability to meet the needs of fintechs doing business in stablecoin or cryptocurrency, and it’s really an extension of what we do every day, which is reliably facilitate payments in all different currencies around the world, Visa said in Monday’s announcement.
Cooperation with Acoridge of Digital Asset Bank and CBR
Visa also noted that the USDC opportunity will help domestic cryptocurrency companies and allow Visa to fundamentally evaluate new business models. The payments company also partners with Anchorage, a nationally recognized bank for digital assets. Visa has announced that a cash upgrade and an integration with Anchorage will help the payments network support the central bank’s (CBC) digital currency when it becomes available in the next few years.
According to Jack Forestell, executive vice president and chief product officer at Visa, fintechs emerging from cryptocurrencies need partners who understand their business and the complexity of the form factors of digital currencies. Today’s announcement marks an important step in our ability to meet the needs of fintechs doing business in stablecoin or cryptocurrency, and it’s really an extension of what we do every day, which is to reliably enable payments in all different currencies around the world.
The cryptocurrency markets have seen a spike in value since the announcement of the visa on Monday morning. Bitcoin (BTC) is up nearly 4% this morning, and the overall capitalization of the crypto-currency market is up 3%. At the time of publication, the crypto economy was valued at $1.67 trillion.
What do you think about Visa adding the stablecoin USDC to its settlement platform? Let us know what you think in the comments below.
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