Global payment processor Visa has teamed up with Ethereum-based blockchain start-up Circle Internet Financial to allow its merchants access to the latter's US Dollar Coin (USDC), a digital asset.
Visa will not hold custody of the currency but, thanks to the partnership, USDC's software will integrate with the processor's platform, enabling consumers to receive payments in USDC.
Thanks to the integration with visa, businesses will eventually be able to send USDC payments around the world, as long as those transactions can be processed via Visa's established payment infrastructure.
To keep things orderly, Visa will issue a special card that will be handed over to businesses and let them send USDC payments directly.
Commenting on the development, Visa Head of Cryptocurrencies Cuy Sheffield said: “This will be the first corporate card that will allow businesses to be able to spend a balance of USDC.”
Visa has already moved a significant amount of its capital into various crypto investments, hoping to enhance its presence in the segment. In fact, the company invested $40 million in a cryptocurrency startup.
Motivating this decision and the current USDC partnership, Sheffield said: “Visa was a network,” and as such it should seek to expand into additional networks, especially those based on stablecoins such as USDC.
Visa is the latest payment processor to take cryptocurrencies seriously. Earlier this year, PayPal introduced support for cryptocurrencies, including Bitcoin, Ethereum and others.
The news sent ripples across the world, driving a strong Bitcoin rally. Today, Bitcoin and crypto casinos are some of the biggest benefactors, including projects such as BitStarz, 1xBit and Bitcasino.io.
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