Visa completes first crypto transaction via Ethereum

On Monday, Visa announced plans to allow the use of a stablecoin, USD Coin (USDC), to settle transactions on its payment network. The move follows a trial earlier in March in which a USDC transaction was sent to the payment giant’s Ethereum address at crypto custody service, Anchorage.

Its use of Ethereum is particularly exciting because it removes the need to convert digital coins into fiat currency before the transaction can take place, making it much easier for businesses to start integrating this new payment option.

Head of Crypto at Visa, Guy Sheffield said: “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.”

And that’s not all – according to Visa’s CEO Al Kelly, the company is also looking to “enable the purchase of Bitcoin via Visa credentials.”

As more banks and corporations embrace crypto, the time is ripe for payment platforms to get on board and make it easier for companies and individuals alike to interact with the future of finance.

PS. You can now *buy USDC on Luno – find out more here. *Please note, USDC is also not currently available in Malaysia.