Payments giant Visa has become the first major payments network to settle Ethereum transactions in USD Coin, a stablecoin backed by the US dollar.
To make this possible, Visa is partnering with crypto platform Crypto.com.
Visa’s process requires partners to settle in fiat currency, which adds fees and complexity for businesses working in digital currencies. The move allows the credit card issuer to enable its partners like Crypto.com to exchange USD Coin (USDC) through its payments network.
To facilitate this process, Visa is working with a federally-chartered crypto bank Anchorage as a digital currency settlement partner.
Jack Forestell, executive vice president and chief product officer, Visa, commented:
Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors. The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency, and it’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.
Kris Marszalek, Co-founder and CEO of Crypto.com said:
Kris Marszalek Source: LinkedIn
We’ve seen record-breaking growth in our business and the broader crypto ecosystem over the last year. To continue accelerating the world’s transition to cryptocurrency, we need partners who understand the opportunity and the tools that will help us get to market faster and more efficiently. Having been a Visa partner for several years, we’re excited to deepen that relationship through our global agreement and to pioneer an exciting world-first in stablecoin payments.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
