Submit Blog Home » Cryptocurrency News » Cryptocurrency News » Visa plans to allow partners to settle fiat transactions with crypto Visa plans to allow partners to settle fiat transactions with crypto March 29, 2021 Visa’s partners will be able to exchange USDC over the payment network to clear transactions made in fiat currency.
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Major credit credit provider Visa is piloting a program that will allow its partners to use the Ethereum (ETH) blockchain to settle a transaction made in fiat.
In a Monday announcement, Visa said it will be partnering with cryptocurrency exchange platform and card issuer Crypto.com to offer a crypto settlement system for fiat transactions later this year.Visa’s partners will reportedly be able to exchange USD Coin (USDC) over the credit card’s payment network to clear transactions made in fiat currency.
According to Visa, its standard settlement process requires partners to send fiat currency via wire transfer, which “can add cost and complexity for businesses built with digital currencies.” The pilot would reportedly allow Crypto.com to send USDC to Visa’s Ethereum address to settle some of transactions under the crypto exchange’s Visa card program by linking Visa’s treasury with digital asset platform Anchorage.
“Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors,” said Visa chief product officer Jack Forestell.“The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency.”
The firm said it aims to make this system available to Fintech companies and neobanks dealing in cryptocurrencies including Bitcoin (BTC), Ether (ETH), and USDC.Visa reports “billions of dollars” in fiat are involved in clearing and settling transactions daily.
Crypto.com announced a partnership with Visa earlier this month in which the exchange would join the Visa network and expand the reach of its crypto debit card.At the time, the company said it would be rolling out a fiat lending program to allow cardholders to use their crypto holdings as collateral for fiat loans — funds that users could spend in merchant platforms that support Visa payments.Share this: British Regulator FCA Prepares a Potential Ban of Crypto CFDs for Retail Investors British financial watchdog, the Financial Conduct Authority (FCA), is preparing a potential ban on the sale of crypto derivatives to retail investors, according to an official document released on July 1.In the document, titled “Restricting contract for difference products sold to retail clients,” the FCA revealed that the regulator will soon publish a consultation paper… Esports Platform With 260,000 Users Offers ‘Thrilling Live Fantasy Games’ An esports platform with a working product on the Ethereum mainnet says it is tackling the centralized nature of the online betting industry by enabling users to place wagers with their friends and family instead of old-fashioned bookmakers.Hero says it has amassed more than 260,000 registered users and a community in which anyone can create… Expert Says New Blockchain Regulation Should ‘Nudge’ Rather Than Push Regulators should aim to influence public behavior rather than rule with an iron fist when it comes to emerging industries such as blockchain.Two Israel-based academics, Hada Jabotinsky and Nassim Cohen argued this point in a new paper and accompanying brief, published to the University of Oxford Law Department blog on Feb.21.The paper proposes an… New institutional player — MassMutual purchases $100M Bitcoin The company reportedly hopes to achieve “measured yet meaningful exposure to a growing economic aspect of our increasingly digital world.” 2478 Total views 5 Total shares Massachusetts-based insurance firm MassMutual just announced that it has purchased $100 million in Bitcoin for its general investment account.According to a report from The Wall Street Journal, the company… US Regulator Acts Against Crypto Firm Falsely Claiming to Represent Coinbase, Cointelegraph The Texas Securities Commission (TSC) has issued an emergency cease and desist order against a Russian crypto firm, according to an official press release published September 18.The Texas regulator states that the company allegedly misappropriated both Coinbase and Cointelegraph materials to attract investors.The firm, operating as Coins Miner Investment Ltd., is said to have… Pantera Capital CEO: Bitcoin Could Peak Over $500K in August 2021 In a letter to Investors, CEO Dan Morehead examined the YTD performance of Bitcoin prior to the May 12 rewards halving.
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