Visa has launched a pilot program with payment and crypto platform Crypto.com and plans to offer options to more partners later this year.
The trend of cryptocurrency has started growing. Visa Inc. said it would allow the use of cryptocurrency USD Coin (USD Coin) to settle transactions on its payment network. Visa has become the first major payment network to settle transactions in cryptocurrency USDC. This is a sign of increasing acceptance of digital currency by the financial industry.
Visa has launched a pilot program with payment and crypto platform Crypto.com and plans to offer options to more partners later this year. The USDCoin (USDC) is a stableCoin cryptocurrency whose value is directly valued for the US dollar.
Apart from Visa, these companies also adopted digital coin
Visa’s move has been followed by other leading financial companies BNY Mellon, BlackRock Inc and Mastercard Inc, which have adopted some digital coins. It can now be inferred that cryptocurrency investment will become a regular part of the portfolio.
Buy tesla car by giving bitcoin
Last week Elon Musk, CEO of electric car maker Tesla, announced that customers can buy Tesla cars by offering Bitcoin. This service has just started for America. This is an important step for the use of cryptocurrency in commerce.
Cuy Sheffield, head of crypto at Visa, said, “We are seeing increasing demand for digital currency by consumers around the world, and we are driven by our customer demand to create products that are accessible to consumers.”
Traditionally, if a customer uses a Crypto.com Visa card to pay for coffee, the digital currency held in a cryptocurrency wallet needs to be converted into money.
Bitcoin at a week high
The new pilot project of Visa has boosted bitcoin and reached a week high. On Monday, the price of one bitcoin rose by 6.3 percent to $ 58,000.
