VISA has just recently announced its support for USDC stablecoin in its network for conducting payments in the network.
Visa has partnered with Crypto.com for crypto dealings for a new project. This new project is also going to be backed by the USA’s one-of-a-kind Digital Asset Management Bank. This will ensure safe and secure transactions while also being monitored for any fishy activity or fraudulent activity. Before announcing this partnership, VISA was previously upgrading its network to support cryptocurrency transactions and prepare for these new partnerships planned by the executives. This would enable the VISA network to welcome any sort of cryptocurrency trading while providing many more features and offering to interested users.
As of now, the first Crypto transaction has already been conducted. The transaction took place at the start of the month. Crypto.com was signaled to transfer USD stablecoin to the special Ethereum address, operated by VISA. The transaction was successfully completed leading to more partnerships with many other stablecoin dealers and traders around the world.
As a token of appreciation, users who stake CRO tokens will be eligible to receive a Crypto.com VISA Card, opening doors to new areas of trade. The special Crypto.com VISA Card will work as a normal card but provide the ability to trade in crypto. Users will have to buy CRO in order to receive the balance on the card. This is the true backbone of the card, providing both VISA and Crypto.com recognition and profit while attracting more and more customers. The staking of CRO will help out Crypto.com tremendously, raising the overall value of the token.
The VISA card has been issued previously, but there was a bit of a problem with the transaction process. CRO had to be converted into regular fiat money, which was then transferred to a normal bank account supporting fiat, then send back to VISA to complete the transaction. The use of USD stablecoin has made it much easier to complete transactions because now, the conversion into fiat money is not required anymore.
VISA venturing out further
After a successful upgrade to its system, VISA is now eyeing more crypto exchanges to support all kinds of cryptocurrency and stablecoins. VISA is also in the works to seek a partnership with the giant Crypto exchange known by the name Binance. This will surely make VISA a very popular and trustworthy choice for many users who are looking for easier crypto trade methods without much hassle.