Visa Inc said it will allow the use of US cryptocurrency to settle transactions on its payment network, which is the latest brand of digital currency accepted by the mainstream financial industry.
According to the Indian site TOI, Visa launched the beta program with the payment and crypto platform Crypto and plans to offer the option to more partners later this year, it said, while the US digital currency (USDC) is a stable cryptocurrency whose value is directly linked to the US dollar. .
Visas move comes as major finance companies including BNY Mellon, BlackRock Inc and Mastercard Inc have adopted some digital currencies, sparking predictions that cryptocurrencies will become a regular part of their investment portfolios.
Tesla boss Elon Musk said last week that customers can buy their electric cars with Bitcoin, which marks an important step forward for the cryptocurrency to trade.
Traditionally, if a customer chooses to use a Visa Crypto card to pay for a cup of coffee, the digital currency in the cryptocurrency wallet must be converted into traditional cash, and the cryptocurrency wallet will deposit the traditional paper currency into a bank account, to be delivered via Visa at the end of the day to settle any transactions. , Which adds cost and complexity to companies.
In the latest move by Visa, which will use the Ethereum blockchain, eliminates the need to convert digital currency into traditional cash in order to settle the transaction, Visa said it has partnered with digital asset bank Anchorage and completed its first transaction this month – Crypto.com sent USDC To Visas Ethereum address in Anchorage.