In a latest event of the adoption of cryptocurrencies, Visa has announced that it will accept USDC Coin to settle transactions. With the move, Visa becomes the first major financial firm to accept cryptocurrency as a form of payment.
Backed by the US dollar, the USDC Coin is a cryptocurrency that operates on the Ethereum blockchain.
The company has partnered with Anchorage and launched a pilot that allows Crypto.com to send USDC to Visa to settle a portion of its obligations for the Crypto.com Visa card program. Anchorage is the first federally chartered digital asset bank and an exclusive digital currency settlement partner.
Visa is a platform that settles payments on behalf of customers to business owners by transferring money to their banks, which in turn deposits the amount to their accounts. Traditionally using fiat currency for settlement payments, the company hopes that supporting USDC Coin will remove a layer of cost and complexity for digital currency-based businesses.
According to the press release by Visa Inc. says,