Visa partners will be able to settle fiat transactions with crypto

USDC can be exchanged over the payment network to pay for the transactions made in fiat by Visa partners.

Share

In fact, they are piloting this new feature on the Ethereum blockchain to clear a transaction in fiat. Visa made a statement on Monday explaining its partnership with the Ethereum platform and Crypto.com as the card issuer to have a system of crypto payment for the transaction made in fiat in the coming months.

The standards process of this payment needs a wire transfer for the fiat currency by the partners and Crypto.com would be allowed in a repetitive fashion to send USDC to an Ethereum address that belongs to Visa. This is done to clear a part of the transactions under the crypto exchange’s Visa card program and this is done by connecting the digital asset platform Anchorage with the treasury of Visa.

In this regard, Visa CPO claimed that;

“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.”

Visa wishes to expand this system to Fintech companies and neobanks that work with BTC, ETH, and USDC. Also, earlier this month, Visa and Crypto.com had joint forces to enhance Crypto.com’s reach of its crypto debit card.

Categories

Cryptocurrency(5)

Latest News

ADA stands at $2 prior to Cardano smart contract announcement

Since May, this is the first time ADA hits $2 which is interesting because it happened before the introduction of Cardano smart contract. ...

SEP 13, 2021

The hacker returned almost all of the $600M and rejected the $500K reward from Poly Network

In a white hat gesture, Poly Network hacker gave back all of the money and said that he is neither interested in the bounty nor in responding to the offer. ...

AUG 12, 2021

$600 million was stolen in an exploit on Poly Network

In an exploit, hackers managed to steal $600 million from the Poly Network across three chains. ...

AUG 10, 2021

Bitcoin breaks $43K and crypto fans are optimistic once again after months of stress

After weeks of wait, finally, the crypto market rises from its ashes and breaches the $43K level, and records the highest price in the last months. ...

AUG 06, 2021

Tags

VISA

Ethereum

Tags

VISA

Ethereum