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If You Didn’t Understand Blockchain Before, You Ought to Start Now
It’s Not the Future of Currency; It’s the Present
If you were waiting until Cryptocurrency felt more like “real banking” to learn about it, your time has come. Trade in your cassette tapes, turn in your Members-Only jacket and get serious about digital currency. Things are getting serious.
The big news in town is that Visa will begin a pilot program to settle transactions using the Ethereum blockchain.
This pilot program will allow Crypto.com to settle a portion of its obligations for the Crypto.com Visa card program in USDC (USD Coin). Anchorage, Visa’s digital currency partner, brings up the backend as the first federally-chartered digital asset bank. Anchorage is acting as custodian, so funds will be sent from Crypto.com to Visa’s Ethereum address at the bank itself.
What does all this mean?
The way things are done now is that existing settlements take place in fiat currency that a company accepts, so now part of a partner’s crypto reserves will need to be converted. This incurs an added “conversion rate.” With this change, Visa partners can settle their transactions directly using USDC.
That is to say, Cryptocurrency and Stablecoin just found a matchmaker in Visa.
