Cryptocurrency is the new talk of the town and now many companies have also shifted towards digital payments. Elon Musk, CEO of Telsa, who has always remained vocal about digital payments has announced that he will be accepting cryptocurrency on buying and selling of electric cars. Visa Moves has also come forward and has proclaimed that it will allow cryptocurrency usage to settle transactions on its payment system. It shows that finally, the financial firm is giving a boost to cryptocurrency by accepting USD coins that is a coin currency with a value proportional to US Dollar.
Visa Moves will Soon Settle Payment by Using Cryptocurrency
To cater this, Visa has launched a pilot program, featuring the crypto platform Crypto.com to offer digital payments. It plans to add more partners to this vision soon. Visa is not the first financial firm that has embraced USD Coin, previously, BNY Mellon, BlackRock, and Mastercard have adopted some digital coins, predicting that cryptocurrency will soon play a pivotal role in investment portfolios.
Cuy Sheffield, head of crypto at Visa, said:
“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,”
Previously, when a customer used a Crypto.com Visa card to buy anything, the digital currency in the wallet was converted into traditional money. This traditional currency was then deposited into a bank account and wired to Visa by the end of the day. To get rid of this whole complex system, Visa is now using ethereum blockchain, which does not require the conversion of digital coins into traditional money for settling the amount.