Visa was very much anti-cryptocurrencies, but like many companies have started to embrace cryptocurrencies in their ecosystem. Visa will be using Ethereum blockchain to settle its transactions in USDC, a stable coin backed by US dollar.
Visa will be working with Crypto.com, which is already a Visa partner, will also be offering this functionality to other partners by end of this year.
Crypto.com already offers its users ability to spend their crypto direct using a Visa debit card, which was previously called MCO Visa card. This announcement is an important milestone in cryptocurrency world as Visa will be using second most popular cryptocurrency, Ethereum to settle its transactions.
Yes, there are much more efficient blockchains out there, Cardano, Stellar and Ripple but none of those have development compared to Ethereum.
For those who don’t know, Ethereum has more developers than any cryptocurrency ecosystem, including Bitcoin. Most development is being done in Ethereum ecosystem which is probably why Visa chose Visa instead of something like Stellar, Algorand where USDC stablecoin is also issued by Circle and Center.
We are very sure, we will be hearing something very similar from Visa’s rival, MasterCard soon otherwise it will be left behind in technology race.
I am from Brisbane, Queensland and I hold post of Associate Editor at Cryptocoindaddy.