If YOU would like to be on a CRYPTO PING LIST, please pm me.
The Crypto Ping List covers the following:
Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.
Thanks! For it - or ag'in it, it'll be a wild ride.
Posted on 03/29/2021 5:57:11 PM PDT by amorphous
SAN FRANCISCO--(BUSINESS WIRE)--Visa (NYSE: V) today announced a major industry first in bridging the worlds of digital and traditional fiat currencies: the use of USD Coin (USDC), a stablecoin backed by the US dollar, to settle a transaction with Visa over Ethereum—one of the most actively used open-source blockchains.1 Visa is piloting the capability with Crypto.com, a Visa partner and one of the world’s largest crypto platforms, and plans to offer the USDC settlement capability to additional partners later this year.
“Anchorage’s platform has been purposefully built for institutions like Visa to build new products in crypto. We’ve been with Visa every step of the way since 2019 and are extremely pleased to see these first stablecoin payment rails come to life through Anchorage APIs”
Support for digital currencies as a new type of settlement currency marks an important step forward for Visa’s network of networks strategy, which is designed to enhance all forms of money movement, whether on the Visa network, or beyond. By harnessing its global presence, partnership approach, and trusted brand, Visa is focused on adding differentiated value to the ecosystem and making cryptocurrencies more secure, useful, and applicable for payments.
Visa has spent the last year establishing a pathway for digital currency settlement within Visa’s existing treasury infrastructure, a platform that moves billions of dollars each day across thousands of institutions in more than 200 markets and 160 currencies. Working with Anchorage, the first federally chartered digital asset bank and an exclusive Visa digital currency settlement partner, Visa has launched a pilot that allows Crypto.com to send USDC to Visa to settle a portion of its obligations for the Crypto.com Visa card program.
Visa’s standard settlement process requires partners to settle in a traditional fiat currency, which can add cost and complexity for businesses built with digital currencies. The ability to settle in USDC can ultimately help Crypto.com and other crypto native companies evaluate fundamentally new business models without the need for traditional fiat in their treasury and settlement workflows. Visa’s treasury upgrades and integration with Anchorage also strengthen Visa’s ability to directly support new central bank digital currency (CBDC) as they emerge in the future.
“Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors,” said Jack Forestell, executive vice president and chief product officer, Visa. “The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency, and it’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.”
Kris Marszalek, Co-founder and CEO of Crypto.com said: “We’ve seen record-breaking growth in our business and the broader crypto ecosystem over the last year. To continue accelerating the world’s transition to cryptocurrency, we need partners who understand the opportunity and the tools that will help us get to market faster and more efficiently. Having been a Visa partner for several years, we’re excited to deepen that relationship through our global agreement and to pioneer an exciting world-first in stablecoin payments.”
“Anchorage’s platform has been purposefully built for institutions like Visa to build new products in crypto. We’ve been with Visa every step of the way since 2019 and are extremely pleased to see these first stablecoin payment rails come to life through Anchorage APIs,” said Diogo Mónica, Co-Founder and President of Anchorage.
David Puth, CEO of Centre, which oversees the licensing of USDC, said: "Visa is leading the market with its innovative approach to payments in many forms. We are very impressed with their efforts. Having USDC on the Visa network is an outstanding next step in our mission to connect the world using stablecoins built on Centre standards, starting with USDC."
To learn more about today’s news and the settlement process at Visa, visit the Visa blog.
About Visa
Visa (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.
FYI
” a stablecoin backed by the US dollar,”
A “stable” coin. Get it? It’s stable! And it is backed by the US Dollar!
A poor joke of an alternative to Bitcoin.
Totally!
Ill shove it into Bitcoin, Gold or Silver before ever investing in anything from the Federal Bank.
The Central Bank HATES Bitcoin because its not part of their scam.
Thanks. Posted same story earlier today from a different source, but the mods deleted it. Not sure why…
I agree with you the bankers and those in our government have turned our monetary system into one huge scam. The outcome will eventually be a worldwide disaster, IMO.
You should have gotten richer, today! ;)
It was a great day pretty much across the board with crypto!
I’m less that $1,500 from my all time high.
Monday morning saw further adoption of both cryptocurrencies in general, and more specifically, bitcoin. First, Visa announced it would be one of the first major payment networks to settle transactions in USD Coin as part of a pilot program with Crypto.com.
Then, digital payments and financial technology company Mogo said it was going to be expanding its bitcoin cashback rewards program to include its MogoMortgage. The program will kick back up to $3,100 in bitcoin to member rewards accounts after people use Mogo to open a new mortgage, or re-finance.
If YOU would like to be on a CRYPTO PING LIST, please pm me.
The Crypto Ping List covers the following:
Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.
Thanks! For it - or ag'in it, it'll be a wild ride.
Cool! I sold two blocks of ETH today and I’m about to make my last withdrawal for the month. Didn’t do too bad. This month was about on par with Feb.
Way to go!
thanks for posting
The move toward making currency digital only continues.
It will make government control of the masses that much easier. Yes, you crypto fans...government control.
Bookmark
Just got my Red version in the mail today from Crypto.com.
That reminds me. I still have ETH at Paypal that has increased by 300% since I bought it. Too bad I only bought $20 worth at the time.
Warning: Red Pill Ahead!
You need them so badly, you gladly accept their number so you may buy, sell, and labor so you can earn more dollars, and even to open an authorized bank account. To not have the beast's number (most have their number committed to memory) in today's society is unthinkable.
You don't need the beast's number to use crypto currency, unless you need to trade them for dollars. So, which mechanism for trade is the one which actually does give a government total control over you?
You see, the prophets of old had it exactly right. We were led right into the snare, and now it is set around our collective necks.
“ So, how can the government control what it has no control over?”
Keep telling yourself that.
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