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Visa, the renowned credit credit processing firm is carrying out trials on a program that will permit its partners to use the Ethereum blockchain to settle a transaction done in fiat.
In a recent announcement, the company mentioned that it will be collaborating with digital asset exchange platform Crypto.com to present a cryptocurrency settlement system for fiat transactions later this year. The partners of Visa will purportedly be allowed to exchange USDC over the credit card’s payment network in order to complete transactions made in fiat currency.
As per Visa, its standard settlement process needs partners to send fiat currency by means of wire transfer, which can increase price and intricacy for businesses built with virtual assets. The trial would purportedly permit Crypto.com to send USDC to Visa’s Ethereum address to settle a couple of transactions under the digital asset exchange’s Visa card program by connecting Visa’s treasury with virtual currency platform Anchorage.
Jack Forestell, the chief product officer of Visa mentioned,
“Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors.”
He added,
“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 company further mentioned that it intends to make this system accessible to Fintech companies and non banks dealing in digital assets including BTC, ETH, and USDC. Notably, Visa reports that billions of dollars in fiat are entailed in clearing and settling transactions everyday.
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