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Cuy Sheffield, who is the head of the crypto at Visa, said that the increased demand from their customers to use and hold cryptocurrencies made them build the current features.
In what is an increasing indication of the growing adoption of the crypto industry, the leading financial institution Visa Inc (NYSE: V) has announced that it would now be using the USD Coin, a stablecoin, to settle payment transactions on its network via Ethereum blockchain. This was made known via a report by Reuters.
According to the report on settling teh transaction on Ethereum, Visa would be partnering with Crypto.com, a cryptocurrency exchange platform and card issuer, to be able to carry out these crypto-based transactions. Users of the financial institution would be able to use the stablecoin for transactions made in fiat currencies on the platform. The announcement also made it known that this option would be open to more of the firm’s partners before the end of this year.
Visa also went on to add that it partnered with Anchorage, the first federally-chartered digital asset bank, and that the firm had carried out a test transaction. Crypto.com sent the financial institution some units of USDC to its address with the digital asset bank.
Cuy Sheffield, who is the head of the crypto at Visa, said that the increased demand from their customers to use and hold cryptocurrencies made them build the current features. He stated:
“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.”
In previous times, the digital currency being held in a crypto wallet had to be converted to fiat currency that is deposited in a bank account before it is transferred to Visa. All of this process was quite complex and also made the cost of settling transactions higher. However, with this recent development, the need for the digital asset to be converted into fiat is removed and the transaction can be settled almost instantly.
Other news from the cryptocurrency industry can be found here.
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Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
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