Is Visa accepting crypto payments? | USDC, Crypto.com
DeFi, Finance, Lending - March 30, 2021
Bitcoin and cryptocurrencies were meant to be used for payments. One of the largest payment companies in the world – Visa is going to settle transactions in a cryptocurrency (USDC). But why is this significant? In this video, we break down this monumental breakthrough.
As per the announcement, the stablecoin USDC, powered by Ethereum, will be settled directly on the Visa rails. The company that will test this revolutionary feature will be Crypto.com, a cryptocurrency exchange that provides card facilities to US customers. Another important piece of this partnership is Anchorage, a crypto custody platform. Anchorage recently received a federal banking charter, potentially banking it a digital assets bank.
Through this partnership, Crypto.com holders will be able to pay for goods and services with USDC Coin directly. Vendors will receive USDC Coin directly through Visa. This means that you can potentially pay for a cup of coffee with a cryptocurrency. Visa will hold USDC Coin on Anchroage and settle the transaction between a consumer and vendor directly.
Custody provider – Visa
Visa is taking custody of the cryptocurrency and allowing the transaction to be executed. This decreases time, fees and friction and taps the real-time settlement power of cryptocurrencies. This might seem like a small step but it’s enhancing a key use-case of cryptocurrencies. That of a medium of exchange. This will eventually allow more forms of digital assets to be used as payment means on an everyday basis. Crypto payment adoption is currently limited to internet businesses, but soon all kinds of businesses will adopt crypto through services like Visa.
With MasterCard also stepping into the crypto-settlement market and PayPal acquiring Curv, another crypto-custody solutions provider, this market is gearing up for more mainstream interest.
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