In a latest event of the adoption of cryptocurrencies, Visa has announced that it will accept USD Coin to settle transactions. With the move, Visa becomes the first major financial firm to accept cryptocurrency as a form of payment.
Backed by the US dollar, the USD Coin is a cryptocurrency that operates on the Ethereum blockchain.
Visa Marks a Major Milestone
Jack Forestell, Executive Vice President and Chief Product Officer said, “Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors.”
“The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency, and it’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world,” he added.
The company has partnered with Anchorage and launched a pilot that allows USDC to Visa to settle a portion of its obligations for the Visa card program. Anchorage is the first federally chartered digital asset bank and an exclusive digital currency settlement partner
Visa Motive to Announce Adoption of USD Coin
Visa is a platform that settles payments on behalf of customers to business owners by transferring money to their banks, which in turn deposits the amount to their accounts. Traditionally using fiat currency for settlement payments, the company hopes that supporting USD Coin will remove a layer of cost and complexity for digital currency-based businesses.
According to the press release by Visa Inc. says,
“They are on a mission to connect the world through the most innovative, reliable, and secure digital payment network—and They continuing to push the boundaries of that network by connecting to public blockchains and new forms of money. They proud of the work They done so far and excited about what the future holds.”