Visa (VISA), Ethereum-based USD coin transaction support… Partnership with Crypto.com

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[Blockchain Today Reporter Park Yohan] Cryptonews reported that payment giant Visa has partnered with Crypto.com to support payment of USDC, the second-largest stablecoin issued on the Ethereum blockchain.

Visa has “worked with Anchorage, the federal government’s first accredited digital asset bank and Visa’s digital currency payment partner, to help Crypto.com send USDC to Visa to address some of its obligations under the Crypto.com Visa Card Program. He added, “We plan to provide USDC settlement function to additional affiliates later this year.”

From the company’s point of view, the ability to settle in USDC can help Crypto.com and other cryptocurrency companies to evaluate a radically new business model that does not require traditional fiat currencies for their funding and payment workflows.

Payments made with Crypto.com Visa Card must be converted from digital currency approved by Visa to conventional fiat currency through Visa’s standard payment process on a daily basis. In other words, it adds cost, time and complexity to the daily business process.

Visa’s funding upgrade and integration with Anchorage are said to enhance Visa’s ability to directly support the new CBDC (Central Bank Digital Currency) to emerge in the future.

According to Visa’s Senior Vice President and Chief Product Officer Jack Forestell, the announcement will be an important milestone in addressing the needs of the end-engineer managing business on stablecoins or cryptocurrencies.

“There is a growing demand for consumers around the world to access, maintain and use digital currencies, and there is a growing demand to develop products that provide this access to their customers,” said Cuy Sheffield, Director of Cryptocurrency at Visa. said.

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