It may make transaction processing easy for crypto investors/traders
Recently Visa accepted its first virtual currency payment and people believe the 62-year-old company may be eyeing leadership in the prospering cryptocurrency industry. To reveal the precise details of the transaction in discussion, Visa processed the crypto transaction based on the Ethereum blockchain.
If you don’t know about the Ethereum blockchain, you can understand it simply as the distributed accounting ledger technology that is similar to the technology powering Bitcoin.
The crypto transaction under discussion was made possible thanks to the contribution of Hong Kong-based Crypto.com. The company is a Visa partner and issues prepaid cards that are backed by cryptocurrency.
It was reported that the company sent Visa a USD Coin that is a USD-pegged virtual currency also known as USDC. Visa announced that it has also worked with Anchorage, the U.S.’s newest federally chartered banks and a Visa-backed cryptocurrency startup to accept the crypto transaction (payment).
While it is a part of the pilot programme organized by Visa, the company aims at easing the crypto transactions by removing the conversion of cryptos to fiat currency for transaction processing. Bitcoin is an example of cryptocurrency and the US dollar is an example of fiat currency. Visa is currently aiming at expanding this feature to other members of its payments network in 2021.
Earlier, VISA CEO Al Kelly said that the company was working on mechanisms allowing people to buy bitcoin and make payments through it using the Visa network. The crypto market is quite bullish these days and Visa is just one of the many payment companies looking to benefit from this imminent boom. We can say this because MasterCard Chairman Ajay Banga told Fortune that his company was also interested in Bitcoin. The same interest was visible in the younger businesses such as Square and PayPal.
This is good news for people and businesses active in the crypto industry. It will bring cryptos to the mainstream and boost their usability exponentially. Another currency that is currently making micro transactions without the help of Visa and is fully decentralized is DDKoin. You can buy and sell products and services using the DDKoin using the DDK Merchant platform. Know more about DDK Merchant here: https://blog.ddkoinblockchain.com/2020/09/21/ddk-merchant-the-best-online-shopping-platform-in-covid-19-pandemic/