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Visa Partners With Ethereum Digital-Dollar Startup Raised $271 Million

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Dec 4, 2020
Visa Partners With Ethereum Digital-Dollar Startup Raised $271 Million

Worldwide famous card-based-electronic payment service provider, Visa, had announced it will soon be synchronizing its system with the US’s crypto coin, called (USDC). It was told by Visa that its payment system will be attached with 60 million merchants worldwide. These merchants will accept and pay payments based upon USDC.

US’s digital coin i.e. USDC was established under a project which was undertaken by Circle Internet Financial. When the coin was developed, it was then sent live in the second-largest crypto blockchain system i.e. Ethereum. Since its launch, at US$ 3 billion worth of USDC are available in the crypto industry for trading.

But the announcement of Visa clarified that the Visa will not be providing for crypto custodial services. The only thing the consumers can do is to pay for purchased goods/services to merchants in USDC through Visa-powered card.

On the other hand, Circle would be required to assist Visa cardholders to integrate the software of USDC in their platforms. Once the software will be in place, then the customers can receive and send funds by using USDC. With the collaboration of both, the payments in USDC can also be sent and received by global merchants as well. The funds received or sent through USDC can then be converted into any currency.

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It was told that in the next year Visa will be able to provide USDC-powered Visa cards. Earlier, there were no such Visa-powered cards available in the market which allowed payments through USDC. Visa told that it will substantially increase the usage of USDC worldwide.

There are already twenty-five different cryptocurrencies that can be sent or received through the use of Visa-powered cards. It is said that Visa is the network of multiple networks when it comes to funds handling.

Later on, one of Visa’s top officials, Mr. Sheffield told that Visa’s role in promoting the mass-adoption of crypto is remarkable. This is because crypto-powered Visa cards allow customers to use their digital assets over the counter. They don’t need to log into their crypto accounts or digital wallets maintained with exchanges, said Sheffield. This not only saves time for the consumers but also allows them to use their digital assets at any time on demand.

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