On Monday, the American multinational financial services corporation Visa announced that digital currency payments have arrived on Visaâ€™s settlement platform. The payment giant revealed that the company will leverage USD coin (USDC), the regulated token built on top of the Ethereum network.
A lot Has Changed Since Dee Hock founded Visa
Visa has announced cryptocurrency integration with its settlement platform on March 29. The company said a lot has changed since Dee Hock founded Visa, and nowadays Visa must â€œaccommodate new form factors for money.â€
â€œThe announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency, and itâ€™s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world,â€ Visa said during Mondayâ€™s announcement.
Working With the Digital Asset Bank Anchorage and CBDCs
Visa also emphasized that the ability to leverage USDC will help native crypto companies and Visa can â€œevaluate fundamentally new business models.â€ The payment company is also working with the company Anchorage, a federally chartered digital asset bank. Visa revealed that it upgraded its treasury and its integration with Anchorage will help the payment network support a central bank digital currency (CBDC) if one emerges in the next few years.
â€œCrypto-native fintechs want partners who understand their business and the complexities of digital currency form factors,â€ Jack Forestell, executive vice president and chief product officer at Visa noted. â€œThe announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency, and itâ€™s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.â€
Since the Visa announcement, cryptocurrency markets saw a lift in value on Monday morning. Bitcoin (BTC) jumped close to 4% during the morning trading sessions and the entire crypto market cap increased by 3%. At the time of publication, the crypto economy is valued at $1.67 trillion.
What do you think about Visa adding the stablecoin USDC to the companyâ€™s settlement platform? Let us know what you think about this subject in the comments section below.
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