Visa will begin to allow operations with cryptocurrencies
Bitcoin and Ethereum, the most important cryptocurrencies, rose this Tuesday after Visa announced that it will allow to settle transactions with the “stablecoin” (stable coins, in English) of Ethereum USD Coin, which for the first time will be able to issue cards denominated in cryptocurrencies and carry out operations without change to traditional currency.
Crypto.com, a platform for deposits and exchanges in cryptocurrencies, will be the first company to issue Visa cards denominated in USD Coin in pilot mode. USD Coin, like all stablecoins, uses blockchain technology, but It is not exposed to the ups and downs of a common cryptocurrency and its equivalence is always one to one with the US dollar.
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USD Coin, managed by Center, was created by Circle and Coinbase, one of the largest players in the cryptocurrency ecosystem and preparing its early IPO, and maintains a system of accounts with real dollar deposit that must be equal to that of cryptocurrency units in circulation.
This agreement with Visa to add USD Coin to its portfolio of 160 traditional currencies It will allow its clients to operate without making changes to fiat currency (whose value is backed by gold or silver), without the need to have a bank account and, for the first time, under the decentralized blockchain system.
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“The acceptance of digital currency as a new type of settlement currency marks an important step forward for the Visa network and its strategy, which is designed to reinforce all forms of money movement,” Visa said in a statement. For Jack Forestell, head of product at Visa, this milestone is of great importance to “respond to the needs of fintech companies that need to manage their business in stablecoin or cryptocurrencies.”
The step taken by Visa is also thanks to the partnership agreement established with Anchorage, which recently received federal approval in the United States to operate as the first digital asset bank.
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