Visa partners will be able to settle fiat transactions with crypto
USDC can be exchanged over the payment network to pay for the transactions made in fiat by Visa partners.
In fact, they are piloting this new feature on the Ethereum blockchain to clear a transaction in fiat. Visa made a statement on Monday explaining its partnership with the Ethereum platform and Crypto.com as the card issuer to have a system of crypto payment for the transaction made in fiat in the coming months.
The standards process of this payment needs a wire transfer for the fiat currency by the partners and Crypto.com would be allowed in a repetitive fashion to send USDC to an Ethereum address that belongs to Visa. This is done to clear a part of the transactions under the crypto exchange’s Visa card program and this is done by connecting the digital asset platform Anchorage with the treasury of Visa.
In this regard, Visa CPO claimed that;
“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.”
Visa wishes to expand this system to Fintech companies and neobanks that work with BTC, ETH, and USDC. Also, earlier this month, Visa and Crypto.com had joint forces to enhance Crypto.com’s reach of its crypto debit card.
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