The crypto world keeps enlarging its coast as a major financial player, Visa Inc. announced that it now accept the use of the crypto in settling transactions on its payment network.
Brandnewsday gathers that the crypto asset being used on the payment network is the USDC stable coin crypto whose value is pegged directly to the greenback.
According to Cuy Sheffield, head of the crypto at Visa: “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”.
Similarly, Visa’s Chief Executive Officer, Al Kelly, had disclosed that in order to make Bitcoin and other crypto-assets safer, useful, and applicable, Visa might add them to the company’s payments network.
During Visa’s fiscal first-quarter 2021 earnings call, the CEO of Visa described crypto assets like bitcoin as “digital gold” which are “not used as a form of payment in a significant way at this point.”
READ: Someone Moves 2, 210 BTC, Worth $125m Bitcoin On Blockchain
“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,” Kelly said.
The payments executive also said stable coins could be used for “global commerce” and “digital currencies running on public blockchains as additional networks just like RTP or ACH networks.”
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