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In a Huge First, Visa Moves to Allow Payment Settlements Using the Cryptocurrency USD Coin

Tuesday, March 30, 2021 By Stillness in the Storm Leave a Comment

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(The Federalist Papers) Visa Inc said on Monday it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing acceptance of digital currencies by the mainstream financial industry.

Related Make Money Cryptocurrency Trading: The Basics

Source – The Federalist Papers

by Staff Writer, March, 29th, 2021

The company told Reuters it had launched the pilot program with payment and crypto platform Crypto.com and plans to offer the option to more partners later this year.

Bitcoin, the most popular crypto coin, jumped to a one-week high on the news, rising as much as 4.5% to $58,300 and heading back toward a record-high above $61,000 hit earlier this month.

Visa subsequently confirmed the news in a statement.

The USD Coin (USDC) is a stablecoin cryptocurrency whose value is pegged directly to the U.S. dollar.

Visa’s move comes as finance firms including BNY Mellon , BlackRock Inc and Mastercard Inc take steps to make more use of cryptocurrencies for investment and payment purposes.

Tesla Inc boss Elon Musk, a major proponent of cryptocurrencies, said last week that customers can buy its electric vehicles with bitcoin, hoping to encourage more day-to- day use of the digital currency.

“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” Cuy Sheffield, head of crypto at Visa, said.

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

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

Visa’s latest step, which will use the ethereum blockchain, strips out the need to convert digital coin into traditional money in order for the transaction to be settled.

Visa said it has partnered with digital asset bank Anchorage and completed the first transaction this month — with Crypto.com sending USDC to Visa’s Ethereum address at Anchorage.

Deal activity in the #cryptocurrency sector soared in 2020 and is likely to keep climbing this year, according to a report https://t.co/IKqfYzBVDB

More on @crypto: https://t.co/8c6WjhqLJ0 pic.twitter.com/0zzRC0PLNy

— Bloomberg Crypto (@crypto) March 29, 2021

"It’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world,” said the Visa executive Jack Forestell. #Cryptocurrency https://t.co/kiIoTaaIcI

— Bitcoin.com News (@BTCTN) March 29, 2021

Stillness in the Storm Editor: Why did we post this?

The news is important to all people because it is where we come to know new things about the world, which leads to the development of more life goals that lead to life wisdom. The news also serves as a social connection tool, as we tend to relate to those who know about and believe the things we do. With the power of an open truth-seeking mind in hand, the individual can grow wise and the collective can prosper.

– Justin

Not sure how to make sense of this? Want to learn how to discern like a pro? Read this essential guide to discernment, analysis of claims, and understanding the truth in a world of deception: 4 Key Steps of Discernment – Advanced Truth-Seeking Tools.


Stillness in the Storm Editor’s note: Did you find a spelling error or grammatical mistake? Send an email to [email protected], with the error and suggested correction, along with the headline and url. Do you think this article needs an update? Or do you just have some feedback? Send us an email at [email protected]. Thank you for reading.

Source:

https://thefederalistpapers.org/us/huge-first-visa-moves-allow-payment-settlements-using-cryptocurrency

Filed Under: Economy, News Tagged With: cryptocurrency, news, The Federalist Papers, visa

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