06 Apr Visa Cryptocurrency Announcement
Cryptocurrency exchange Crypto.com has long offered users a Visa card. That relationship has just evolved in two really exciting ways.
Up until now, using the Crypto.com Visa card meant converting crypto into fiat currency. This adds significant charges for merchants and ratchets up the overall complexity of financial exchanges. Two aspects that really hurt adoption rates.
Visa has just announced a Crypto.com pilot program that could remove a lot of friction from the process. First, conversion to Fiat currencies (i.e. CAD, USD) is no longer required as settlement will be made with Crypto.com’s USDC stablecoin. This coin is pegged to the US Dollar, minimizing volatility.
And second, batch processing is being introduced. Standard credit card transactions are handled using this system, which bundles transactions together reducing costs and increasing speed.
Can’t wait to hear how the pilot goes.
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