Financial services company Visa is piloting a program to allow its partners settle fiat transactions with crypto. According to the announcement on the 29th of March, Visa partners will be able to use USDC to sort transactions over the Ethereum (ETH) blockchain later this year. The company added that it is partnering with crypto exchange platform Crypto.com for this service.
Visa’s executive vice president and chief product officer, Jack Forestell, commented:
“The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin cryptocurrency, and it’s really an extension of what we do everyday, securely facilitating payments in all different currencies all across the world.”
Also, the co-founder and CEO of Crypto.com, Kris Marszalek, noted that the company saw “record-breaking” growth over the past year. Marszalek further expressed pleasure over the partnership to accelerate the world’s transition to crypto with Visa.
According to David Puth, the CEO of Centre which is in charge of USDC licensing, Visa is leading the payments space with its diverse, innovative approaches to payments.
Before now, Crypto.com announced that it would be collaborating with Visa to expand the reach of its crypto visa card. During the announcement last month, Crypto.com also said that it would begin a fiat lending program, allowing card holders to use cryptocurrencies as collateral for fiat loans.
Image Credits: Pixabay
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