Visa Moves To Allow Use Of Cryptocurrency
Global credit card giant Visa will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network.
The finance company has launched a pilot program with payment and crypto platform Crypto.com and plans to offer the option to more partners later this year.
The USD Coin is a stablecoin cryptocurrency whose value is pegged directly to the US dollar.
Visa’s move comes as finance companies, including BNY Mellon, BlackRock and Mastercard, take steps to make more use of cryptocurrencies for investment and payment purposes.
Visa’s move will use the Ethereum blockchain and will do away with the need to convert digital coin into traditional money in order for a transaction to be settled.