{"id":50886,"date":"2021-04-08T09:48:55","date_gmt":"2021-04-08T09:48:55","guid":{"rendered":"https:\/\/timestampmag.com\/?p=50886"},"modified":"2021-04-05T20:47:40","modified_gmt":"2021-04-05T20:47:40","slug":"visa-announces-plans-to-settle-fiat-settlements-via-crypto","status":"publish","type":"post","link":"https:\/\/timestampmag.com\/2021\/04\/08\/visa-announces-plans-to-settle-fiat-settlements-via-crypto\/","title":{"rendered":"Visa Announces Plans to Settle Fiat Settlements via Crypto"},"content":{"rendered":"
According to an announcement earlier this week, Visa<\/a> shared its plans to conduct the first crypto\/fiat settlement transaction over ETH via the popular stablecoin, USD Coin<\/a>. This marks a huge moment in the adoption roadmap for cryptocurrencies<\/a> in use for financial operations among major institutions.<\/p>\n This exclusive settlement facility will only be available to Visa\u2019s Partners, who will now be able to exchange the popular stablecoin USDC over Crypto.com<\/a>\u2019s payment network to clear transactions conducted in fiat currency. The launch of this new settlement system comes as a result of Visa\u2019s partnership<\/a> with cryptocurrency exchange platform and card issuer Crypto.com.<\/p>\n According to Visa EVP and chief product officer, Jack Forestell, \u2018this new facility is simply an extension of the global payment settlement currently in use for various other currencies of the world, and crypto is just another currency to deal with.\u2019<\/p>\n He further added: \u201cThe announcement today marks a major milestone in our ability to address the needs of the fintechs who are managing their business in a stablecoin or cryptocurrency, and it\u2019s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.\u201d<\/p>\n This is certainly going to be a game-changer and, in a way, will serve as an invitation for all crypto-focused merchants as well as payment platforms<\/a> to engage with Visa more willingly.<\/p>\nVisa Partners with Cryptocurrency Exchange and Card Issuer Crypto.com<\/h2>\n
Visa\u2019s Ultimate Goal is to Introduce this as a Service for Fintechs and Neobanks<\/h2>\n