Online payments giant Visa said its partners will be able to trade in the USDC cryptocurrency instead of fiat.
On March 29, the global online payment processing company Visa announced that it had successfully tested crypto payments. Specifically, Visa has partnered with crypto exchange and card issuer Crypto.com to make payments in stablecoin USD Coin (USDC) on the Ethereum blockchain.
According to Visa, the company’s current payment process requires Crypto.com to convert the received cryptocurrency back to fiat currency, then transfer the money back to Visa. This contributes to additional costs and complexity, negatively impacting all stakeholders.
Therefore, with the acceptance of USDC, Visa will use an Ethereum wallet address set up at the Anchorage crypto bank to receive USDC from Crypto.com, shortening the time as well as increasing the convenience of operation. deal.
Cuy Sheffield, Visa’s crypto business manager, said:
“We are seeing an increase in the need to access, hold and use cryptocurrencies from our global customers, so we want to build solutions to meet these needs.”
Visa’s Product Manager Jack Forestell added:
“Cryptocurrency tech companies want to collaborate with people who understand the business model and complexity of digital payments. The announcement of accepting USDC marks a major milestone for Visa to help fintech companies manage their business with stablecoins or cryptocurrencies. “
In the near future, Visa affirms that it will support more partners that are active in cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and USDC.
Immediately after the news spread, the CRO token price of Crypto.com increased by 10% from $ 0.02014 to $ 0.02218 on the FTX exchange.
Last week, billionaire Elon Musk’s Tesla electric car company also announced it would start accepting Bitcoin payments, as reported by CHK.
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