VISA opens the Ethereum network to more than 60 million merchants as it integrates USDC
|- VISA just announced a partnership with USDC valued at $2.9 billion.
- Customers of VISA will be able to send and receive USDC payments sometime next year.
Visa looking to issue a USDC Credit Card after adding Circle Internet Financial, the developers of USDC to its Fast Track Program. Visa will not custody any USDC but will be working with Circle to enable customers to send and receive USDC payments. Visa head of crypto Cuy Sheffield states:
This will be the first, corporate card that will allow businesses to be able to spend a balance of USDC. We continue to think of Visa as a network of networks
This is the not first cryptocurrency project that Visa has onboarded in its Fast Track program. For instance, other providers like BlockFi intends to provide a bitcoin rewards Visa sometime next year, will be able to access USDC as well.
The Ethereum network has just completed a major update called Eth2 which makes its blockchain far more scalable and allows faster transactions. Visa believes that its payment network of 60 million merchants can greatly benefit from a new payment alternative like USDC.
Visa has been focused on cryptocurrencies through its Fast Track program which enables companies and businesses to issue Visa credit cards. The giant payment platform made its first investment in blockchain leading a $40 million Series B in Anchorage, a premier digital asset platform for institutions.
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