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Bitcoin price jumps after Visa set to allow payment settlement using crypto

Cryptocurrency Mar 29, 2021 10:22
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By Samuel Indyk

Investing.com – The price of Bitcoin jumped back above $57,000 on Monday morning after Reuters reported that Visa (NYSE:V) is to begin allowing the use of cryptocurrency USD Coin to settle transactions on its payment network.

The programme has been launched with crypto platform Crypto.com and Visa said they plan to offer the option to more partners this year.

USD Coin

The USD Coin is a digital stablecoin whose value is pegged directly to the US Dollar and runs on the Ethereum blockchain. Each USD Coin is backed by a US Dollar held in reserve. As of March 26th, 11.0bln USD Coins were in circulation, according to Circle, the founder of USD Coin.

“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies,” said Cuy Sheffield, Visa’s head of cryptocurrencies. “And we're seeing demand from our clients to be able to build products that provide that access for consumers.”

The announcement by Visa will remove the need to convert digital coins into traditional money for a transaction to be settled.

Corporate moves into crypto

The latest news from Visa follows its largest competitor Mastercard Inc (NYSE:MA) also announcing a foray into the digital asset space earlier this year.

In February, Mastercard announced they would start supporting select cryptocurrencies directly onto their network this year.

“We are here to enable customers, merchants and businesses to move digital value — traditional or crypto — however they want,” said Mastercard in a statement.

Other companies, including Bank of New York Mellon (NYSE:BK), PayPal Holdings Inc (NASDAQ:PYPL) and Tesla Inc (NASDAQ:TSLA) have also announced plans regarding digital assets.

Last week, Tesla said they would be accepting Bitcoin as payment for vehicles after previously announcing a $1.5bln purchase of Bitcoin to diversify their reserves. Tesla’s CEO Elon Musk also confirmed the electric vehicle maker would not be converting Bitcoin used as payment into fiat currency.

Bitcoin price jumps after Visa set to allow payment settlement using crypto
 

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Comments (7)
Dirk Reynen
Dirk Reynen Mar 30, 2021 9:12
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Ripple find this very amusing how the sheeple think its BTC
Nnaemeka Okafor
Nnaemeka Okafor Mar 29, 2021 18:02
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very nice
Pro Fessor
Pro Fessor Mar 29, 2021 15:00
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when Eth sorts out ETH 2.0 it will be the most valuable asset in the world after gold($10tn m cap)
Alun Benjamin
Alun Benjamin Mar 29, 2021 15:00
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Wishful thinking. By the time Ethereum's MainNet 2.0 is FINALLY released, it will be playing catch-up with a multitude of other coins/tokens that have already gone far beyond what Ethereum has been desperately trying to get right for 2+ years. Smart contracts are now old news
Dirk Reynen
Dirk Reynen Mar 29, 2021 15:00
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Pro fessor you are literally (clue less)
Jonathan Stoner
Jonathan Stoner Mar 29, 2021 11:41
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note it isn't BITCOIN they're using. but a stable coin.
Roshan Lal
Roshan Lal Mar 29, 2021 11:41
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i’ll beat u up jonathan
Dirk Reynen
Dirk Reynen Mar 29, 2021 11:41
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Its XRP bro please stop chatting ****do some research before you comment
Anon Anon
Anon Anon Mar 29, 2021 11:27
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Isn't the whole point of crypto is to cut the middlemen and VISA is one?
Justin Maxwell
Justin Maxwell Mar 29, 2021 11:27
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Yeah, but you can't blame them for trying. It's kinda cute
Arno Pfohl
Arno Pfohl Mar 29, 2021 11:25
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this is contradictory to what the FED announced!
Dirk Reynen
Dirk Reynen Mar 29, 2021 11:21
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Fact checker : its acrually RIPPLE thats signed with visa not btc. 🔥
Alun Benjamin
Alun Benjamin Mar 29, 2021 11:21
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Goes to show that many financial journalists wouldn't know a Ripple coin from a chocolate bar
Dirk Reynen
Dirk Reynen Mar 29, 2021 11:21
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A prime example is the downvote ive received above... must be a really special person. Or should i say “professional crypto jounalist” with 8 years experience in the crytp sphere 🐑☑️
 
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