VISA Completes First Cryptocurrency Transaction on Ethereum

[thinking_guy]

Visa has announced that it will allow transactions to be settled using the cryptocurrency stablecoin USD Coin.

Visa has announced support for USD Coin to be used to settle transactions on its payments network.
The announcement is part of a wider pivot to the crypto industry for the payments giant.
Visa has announced today that it will allow the use of the USD Coin cryptocurrency to settle transactions on its payments network, per Reuters. In a trial conducted earlier this month, Crypto.com sent a USDC transaction to Visa's Ethereum address at crypto custody service Anchorage.

Per today's announcement, Visa's use of the Ethereum blockchain removes the need to convert digital coins into traditional money before the transaction can take place—removing pre-existing complexities for businesses.

The USD Coin is a stablecoin—a crypto asset that is pegged to the US Dollar.

The move comes at a time when major institutions like BNY Mellon, MicroStrategy, and PayPal have all embraced the crypto industry. Earlier this month, Tesla invested a whopping $1.5 billion into Bitcoin, signalling just how appealing the crypto industry is proving to be to large investors.

“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,” said Cuy Sheffield, head of crypto at Visa.

Part of that increasing demand is taking place in Latin America, where consumers want access to cryptocurrencies not just as a hedge against inflating national currencies, but as a means for spending. According to a Visa survey conducted last month, 25% of all credit card users in Latin America would like to experiment with cryptocurrencies if payment processors gave them that opportunity.

But Visa's pivot into the crypto industry doesn't stop there. According to CEO Al Kelly, Visa is also looking to "enable the purchase of Bitcoin on Visa credentials."


Source: https://decrypt.co/63170/visa-completes-first-cryptocurrency-transaction-on-ethereum

[vaultman]

Then it would be better to use BUSD, there the commission is lower and the transaction speed is much higher. I don't understand why such large corporations look only towards Bitcoin and Ethereum.

[bobyhodob]

Public enthusiasts who want to shop using crypto are very high, hopefully soon it will be possible for other countries to shop using crypto so that there is no need to money cash

[seoincorporation]

And this is the kind of news that bump bitcoin price... As they say, it was a visa transaction on the Ethereum blockchain, Feels like an enormous step for humanity and for economics.

The transaction was done with a stable coin called United States dollar coin, or USDC.  And this doesn't mean that all visa transactions will be this way from now, but at least some of them will come through crypto.

[rdbase]

Then it would be better to use BUSD, there the commission is lower and the transaction speed is much higher. I don't understand why such large corporations look only towards Bitcoin and Ethereum.

We all want faster transactions and visa (and credit cards wholely) have proclaimed to have millions of transactions done per second, wouldn't they want the fastest possible blockchain to use?
USDC is a product of coinbase and their iteration of a stable coin if I am not mistaken.
BUSD? Sure why not?
Well way better than USDT that is for certain and then getting their customers involved with them and their past with bitfinex I sposse.

[philipma1957]

Visa today. Discover tomorrow? American Express next week?

This is good news.

I smell a new Ath coming this week.

[Fundamentals Of]

Then it would be better to use BUSD, there the commission is lower and the transaction speed is much higher. I don't understand why such large corporations look only towards Bitcoin and Ethereum.

There must be a reason for that. Do you think these large corporations do not do their homework before making any commitments?

No comment on BUSD but if we talk of cryptocurrency it is more about Bitcoin and Ethereum than other blockchains. But you should not worry about which is being preferred today by these large corporations. There are still a lot of other corporations that would follow these very early steps. One or two of them might prefer BUSD.

[NeuroticFish]

It's interesting choice of coin. It's good that's not USDT, it's somewhat surprising it's not GUSD. It's even more interesting that they didn't wait for the official digital dollar.
Of course, this is just one step forward and it doesn't say whether Bitcoin is going to be next or not. Still, it's good great news for all crypto.

[oHnK]

Fresh enough news to support the new ATH.  Having experienced a few days of red day, I think it's enough time to get to the highest level.  It's institutional investors like these who keep driving the crypto world better.  This hype has brought many positive influences such as equal distribution of crypto-related literacy in society.  If in the past 1 in 50 of my friends only knew about bitcoin, now 10 of my 50 friends have invested.  This indicates that crypto is not only a scam but has become an attractive asset with a return that is enough to make eyes fresh.

[Innerpumper]

VISA is rightly helpful in the development of bitcoin by accepting payments through cryptocurrencies. I am sure some financial companies in the world are also starting to adopt cryptocurrency as a medium of payment and transactions. There are even those who can buy bitcoin there like PayPal.

[WinBIts]

The really big players are here, finally. We deserve this.

[ivankoh]

Well, it looks like VISA made a good move after seeing Tesla support bitcoin for their electric vehicle purchases.  It should have happened earlier even if they didn't choose bitcoin, but with USDC on Ethereum's platform, it would probably be possible for them to study the adoption of ETH in the future.  That would be a huge and very sexy excitement!

[Renampun]

Visa today. Discover tomorrow? American Express next week?

This is good news.

I smell a new Ath coming this week.

yeah, make sure the VISA competitors will try to follow it...
The new ATH, I am sure of it, is just a matter of time. The adoption of cryptocurrencies is increasingly becoming apparent, I can't wait for more and more institutions to adopt cryptocurrencies.

[brightemo]

Glad to now that this have choose ETH for thier first crypto transaction

[Becky666]

The really big players are here, finally. We deserve this.

Probably not yet; when the days appointed for the big players to surface the entire world will take a stand-still IMO but, having the likes of these new players is a welcome development and should-be celebrated as such. VISA complete their first Crypto-Trans-on-ETH shows that better days are mostly close. [NB]: Those panic sellers should be thought not to waste-their hard earn resources becasue there will be huge profit for those who understand LTH-[Long Term Holding] soon.

[danherbias07]

A new event that will stop the correction. 
I think it's enough for us not to see another landslide again.
https://twitter.com/jowyang/status/1376542984456478721?s=20

Unlike the last decade, this ain't like crawling anymore for crypto currencies to take over.
This is a high leap and looking back makes any crypto supporter proud of themselves. The new era is of financial transactions is really happening.

[bitmover]

It's interesting choice of coin. It's good that's not USDT, it's somewhat surprising it's not GUSD. It's even more interesting that they didn't wait for the official digital dollar.
Of course, this is just one step forward and it doesn't say whether Bitcoin is going to be next or not. Still, it's good great news for all crypto.

The official usd might take a while... will it run in ethereum? I think it will have it's own blockchain.
Ethereum is way more flexible, I hope they dont get into problems with regulations and end up being forced to use official usd only

[crwth]

I think this makes Bitcoin even more solid when it comes to investing—creating more and more people who want to be part of the crypto space. That's just how much it is valued right now, and a lot more people are seeing the reason why they are switching or hedging to BTC instead of staying in fiat currency. I do believe there's another pump incoming and hopefully, it goes to the moon even more.

USDC is a good stable coin to have, for sure, especially when you compare it to USDT 

[lobo13hf]

Glad to now that this have choose ETH for thier first crypto transaction

I hope that this news will bring another good impact for ethereum in the future but the problem is about how visa can handle the transaction fees. if that doesn't even need to be converted into the fiat but it's still running on ethereum with very high fees.

[bitbollo]

finally this time has arrived. with ethereum 2.0 all of these applications will be launched to a "next level" and it will be more easy for all us cash out all crypto currency. Other competitors will join the effort of VISA since cryptos can't be ignored at this point in the history.
I am waiting for the next move. Other big companies will accept bitcoin for payment or... for salary?
I think that this is just a fire starter for all crypto industry...