San Francisco’s Visa to allow payments using cryptocurrency as bitcoin jumps 4.5%

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San Francisco’s Visa to allow payments using cryptocurrency as bitcoin jumps 4.5%

In what could be contemplated as the latest sign of a broad-based acceptance of digital currencies by mainstream financial institutions, Visa Inc., the San Francisco, California-headquartered online payment processing giant, had issued a statement on Monday saying that the debit-card mogul would enable use of crypto assets for transactions at its payment network, though the digital payment giant would only allow a US Dollar-denominated crypto asset, named USD Coin.

On top of that, Visa Inc. added in the statement that it had initiated a pilot program with crypto platform, while in tandem, the Californian payment giant had been brewing off an option to add more cryptocurrency partners later this year.

Concomitantly, following the Visa Inc. announcement, Bitcoin, the original crypto asset, soared to a one-week peak, gaining as much as 4.5 per cent to $58,300, crawling towards a record peak above $$61,000 hit earlier this month.

Visa Inc. to allow payments using cryptocurrency

In factuality, latest Visa Inc. move to enable transaction in USD Coin (USDC), a stable crypto asset whose value is directly tied to US Dollar, came against the backdrop of a growing sign of mainstream acceptances of crypto assets, as blue-whale financial institutions such as BNY Mellon, Mastercard Inc.

alongside the world’s largest alternative asset manager BlackRock Inc., had taken initiatives to stretch out the usage of crypto assets for investment alongside cross-border transactions. Notably, Chief of the world’s No 1 carmaker Tesla Inc., Elon Musk who had purchased more than a billion worth of crypto assets last month, had told in a statement last week that potential buyers could make payments for Tesla Inc.

vehicles in bitcoins. Meanwhile, addressing to a mass-scale demand of crypto assets across the globe, head of Crypto at Visa, Cuy Sheffield said following the announcement, “We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers.