VISA will accept USD coin to settle transactions on the payment network and the move coincided with the growing institutional adoption of digital currencies so let’s read more in our latest USDC news below.
The company launched a pilot program with Crypto.com and wants to roll out the services to various partners this year. Visa’s latest move comes as no surprise as rival merchants like MasterCard started embracing the potential uses for crypto assets earlier this year.
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Back in February, MasterCard announced its plans to incorporate crypto-assets into the digital payment infrastructure and cited that these tokens are becoming a huge part of the payments world. In order to capitalize on the growing user base which went unnoticed over the years, Visa will look for more foothold in the crypto payments market.
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
Earlier this year as well, Tesla’s CEO Elon Musk tweeted that the customers will be able to purchase their vehicles using Bitcoin which was a massive milestone in the crypto’s usage in commerce. The reason that it was so groundbreaking was the fact that Tesla will not convert its BTC payment to fiat but it will be added to the growing $1.5 billion BTC reserve on the balance sheet. After Tesla, Visa announced that it will utilize the ETH blockchain to run its own nodes which will remove the need to convert crypto payments into fiat.
This way fees will be reduced for both customers and merchants. Visa will accept USD Coin after it partnered with the digital bank Anchorage to run its Ethereum addresses, as the head of Crypto at Visa Cuy Sheffield said:
“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.”
As previously reported, The widespread adoption of crypto continues and the Hong-Kong-based Crypto.com partners with Visa according to the announcement today, including a principal membership in the network in Australia. According to the blog post, the crypto exchange plans to boost the adoption of cryptocurrencies worldwide and as a Visa principal member, Crypto.com can issue cards directly and bring products on the market. Right now, Crypto.com is shipping out crypto.com Visa cards in Asia, mainly in South Korea and Japan as well as South America, Africa, and the Middle East.
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