This news may seem trivial to many, but it is a real feat for the cryptomo ecosystem as a whole! VISA had recently announced that it wanted to use the USDC on its network. It is now done with the first transaction made in this crypto. And to achieve this, VISA has surrounded itself with one of the most serious players in the ecosystem: Crypto.com. The ties between the two entities continue to grow stronger little by little, and this is very good news for the crypto sphere.
VISA announced Monday of this week that they will accept USDC cryptocurrency to settle transactions on its payment network. This news had the effect of an earthquake, strengthening the global acceptance of cryptocurrencies by the mainstream financial sector and institutions in general.
More recently, we learned that VISA has chosen the Crypto.com platform as an official partner to carry out the pilot program to test payments in the USDC cryptocurrency. This option may be open to other partners later in the year.
Cuy Sheffield, Head of Cryptocurrency at VISA, said: “We are seeing increasing demand from consumers around the world to be able to access, hold and use digital currencies, and we are seeing demand from our customers to be able to build products that offer this access to consumers ”.
Until now, Crypto.com card users could already make cryptocurrency payments on the VISA network. Nevertheless, their transactions were immediately converted into traditional fiat currency before actually being sent to the recipient. This increased the transaction process, the associated costs and the complexity inherent in this process.
Now, and thanks to the use of the Ethereum blockchain (ETH) by VISA, cryptocurrency payments can be sent directly to the recipient, without conversion.
VISA said it has partnered with digital asset bank Anchorage and completed a first transaction this month. Crypto.com did this by sending USDC to VISA’s ETH address at Anchorage.
Long term vision
This news is as important for VISA as it is for Crypto.com. Indeed, institutions are focusing more and more on cryptocurrencies. We can cite:
- You’re here
One of the challenges for crypto players in the coming months will be to succeed in positioning themselves as first-rate partners for these institutions ready to take the plunge. And Crypto.com has achieved an important tour de force by thus approaching VISA.
Crypto.com had a very topical month of April. Many, many listings, a partnership with the NYSE for its NFTs platform, the CRO up 15% over 7 days… But this partnership with VISA places the platform at a level of requirement and seriousness even above. 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 evolves in the weeks and months to come.
My name is Florian and I have been in the crypto ecosystem since 2018. I dedicate my time to best democratize this exciting world! This is what I do in my daily life, especially as Deputy Chief Editor for CoinTribune!
The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.