This news may seem trivial to many, but it is a real feat for the crypto ecosystem as a whole! VISA recently announced that it wants to use USDC on its network. This is now done with the first transaction committed in this cryptography. And for that, VISA has surrounded itself with one of the most serious players in the ecosystem: Crypto.com. The ties between the two organizations are gradually growing stronger and this is very good news for the cryptosphere.
VISA announced on Monday this week that they will accept USDC cryptocurrency to settle transactions on their payment network. The news had an earthquake effect, solidifying the global acceptance of cryptocurrencies by the mainstream financial sector and institutions in general.
We recently learned that VISA has chosen the Crypto.com platform as an official partner to conduct a pilot program to test payments in USDC cryptocurrency. This option may open to other partners later this year.
Kai Sheffield, Head of Cryptocurrency at VISA, said: “We are seeing growing demand from consumers around the world to be able to access, store and use digital currencies, and we are seeing demand from our customers. To be able to create products that offer this access to consumers. “
Until now, Crypto.com card users were able to make payments in cryptocurrency on the VISA network. However, their transactions were immediately converted to traditional fiat currency before actually being sent to the recipient. This increased the transaction process, the associated costs, and the inherent complexity of the process.
Now, thanks to the use of the Ethereum (ETH) blockchain by VISA, payments in cryptocurrency can be sent directly to the recipient without conversion.
VISA said it has partnered with digital asset bank Anchorage and completed its first transaction this month. Crypto.com did this by sending USDC to the VISA ETH address in Anchorage.
Long term vision
This news is as important to VISA as it is to Crypto.com. Indeed, institutions are increasingly focusing on cryptocurrencies. Thus, we can quote:
- Are you here
- Black Mountain
One of the challenges for crypto players in the coming months will be to successfully position themselves as top-notch partners for these organizations, ready to take the plunge. And Crypto.com has had an important success by turning to VISA.
April was very hot for Crypto.com. Lots and lots of listings, partnership with NYSE for its NFT platform, CRO up 15% in 7 days … But this partnership with VISA puts the platform even more demanding and serious. This is a real success for both the exchange and the crypto ecosystem as a whole. It will be interesting to see how this partnership develops in the coming weeks and months.
My name is Florian and I have been working in the crypto ecosystem since 2018. I devote my time to democratizing this exciting world as much as possible! This is what I do in my day-to-day life, especially as Deputy Editor-in-Chief of CoinTribune!
The comments and opinions expressed in this article are those of the author only and should not be construed as investment advice. Do your own research before making any investment decisions.