Earlier today, Visa announced that it would be piloting a program that will allow its partners to use the crypto USD Coin to settle transactions on its payment network, according to Reuters.
Visa takes a new step in the direction of the crypto ecosystem
Cryptocurrencies have gained such relevance that one of the world’s leading payment networks has established a new bridge that connects the crypto market with the traditional world.
Basically Visa announced its partnership with crypto exchange Crypto.com to offer a cryptocurrency settlement system for fiat transactions later this year, specifically through the crypto USD Coin (USDC). It is worth remembering that this crypto is a stablecoin.
In this regard, a test was conducted earlier in the month in which Crypto.com sent a USDC transaction to Visa’s Ethereum address in Anchorage.
With the latest program, Visa eliminates the need to convert digital currencies into traditional money before being used in transactions. Obviously, it is a bridge that connects both worlds by reducing complexities and transaction costs.
It is worth remembering that, previously, if a customer decided to use their Crypto.com Visa card to make their purchases, the crypto in their wallet had to switch to traditional money.
Cuy Sheffield, director of crypto at Visa, assured Reuters that his clients are in high demand for crypto products. In fact, it is worth remembering that in a survey conducted, it was found that 25% of all credit card users in Latin America would like to experiment with cryptocurrencies if payment processors gave them that opportunity.
Are Institutional Investors Sleeping?
As usual, today CoinShares published their weekly report where they reveal the capital flows experienced by the crypto market.
Specifically, during the week ending March 27, CoinShares claimed that net inflows totaled $ 21 million, the lowest level since October 2020. What could be happening?
As we have previously discussed on CryptoTrend, the appetite of crypto investors appears to have waned. But in addition, CoinShares pointed out that profit taking was also at stake, mainly given that investors who had large unrealized profits decided to take some off the table.
Stablecoins on crypto exchanges hit highs
Today, CryptoQuant public on Twitter a graph where we can see that stablecoin reserves in crypto exchanges have reached a new all-time high. Specifically, yesterday there were USD 10 billion in stablecoins within the reserves of crypto exchanges.
And, without a doubt, the Visa news represents the latest milestone within this crypto market.
Jay Clayton will be a crypto advisor, how can that be?
Yes, Jay Clayton, former chairman of the SEC, will serve as an advisor to One River Asset Management on crypto.
According to the statement, One River CEO Eric Peters explained that their goal will be to bring together distinguished individuals with diverse policy and regulatory experience.
It’s worth remembering that Clayton served a three-and-a-half-year term at the SEC before resigning on December 23, 2020. Gary Gensler is expected to be confirmed as his successor.
In a few lines …
- Crypto exchanges in India join forces in the face of crypto ban initiative.
- New York becomes the first state to offer COVID-19 vaccination passports using the Blockchain.
- A bill introduced in the Texas House of Representatives provides for the recognition of Bitcoin and crypto as money.