VISA Plans Rollout to Partners

This is not the first time the payment giant is dealing with crypto; however, it is the first crypto-related product launched by Visa. The enterprise has been providing crypto debit and credit cards to the likes of Crypto.com and BlockFi. The latest news from the financial industry has pushed the two major cryptocurrencies, Bitcoin and Ethereum, up by almost 5%.

With the new product, Visa partners like Crypto.com have something to smile about as the exchange will no longer have to sell cryptocurrency for cash to pay the payment platform. This means that they can quickly settle their bill through the United States Dollar Coin (USDC). It is also good news for the entire crypto space as it will get cryptocurrencies to Visa’s hundreds of millions of customers around the globe. Such a move may also trigger the acceptance of crypto by the mainstream.

Visa’s thirst for crypto does not end with the USDC plans. The payment network is currently working on building APIs to enable banks and financial institutions to invest in the crypto space by buying and selling crypto assets. Visa plans to incorporate the Ethereum network with Anchorage’s custodial services to achieve this.

In the planned rollout, the payment network will support the conversion of fiat currencies into the USDC stablecoin. Visa is planning to include settlement reports that will consist of blockchain wallet addresses to verify the transactions. It also plans to partner with Anchorage as its crypto assets settlement agent.

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