The American multinational financial services corporation, Visa announced integrating cryptocurrency with its settlement platform. It was reviewed Monday that the company will leverage USD coin (USDC), the regulated token built on top of the Ethereum network.
Visa Blog Announcement
Speaking through the company blog, they said a lot has changed since Dee Hock founded Visa, and nowadays Visa must “accommodate new form factors for money.” the blog also disclosed the company disclosed its new USD coin (USDC) capabilities is kicking off with the cryptocurrency exchange Crypto.com while other customers follow with time.
According to their Monday announcement, they explained;
“The announcement today marks a major milestone in our ability to address the needs of fintech managing their business in a stablecoin or cryptocurrency, and it’s an extension of what we do every day, securely facilitating payments in all different currencies all across the world,”
Visa and Anchorage working in view for a CBDCs
They emphasized that leveraging USDC will help native crypto companies. Also that Visa can “evaluate fundamentally new business models.” They reviewed that they are also with Anchorage, a federally chartered digital asset bank. Anchorage’s partnership with Visa will help the payment network support a central bank digital currency (CBDC) if one emerges in the next few years. To that effect, Visa revealed that it upgraded its treasury and its integration with Anchorage
Jack Forestell, executive vice president and chief product officer at Visa noted;
“Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors,”
Visa announcement led to a lift in the cryptocurrency markets, seeing the dipping Bitcoin price to close to 4% during the morning trading sessions and the entire crypto market cap increased by 3%.