Visa is now partnering with Ethereum digital dollar startup which has already raised $271 Million
We all know that visa is one credit card giant company that has been popular for so many years. It has now come up with a new announcement of being connected to the global payment network of more than 60 million merchants to the US dollar coin. This was developed by the circle Internet financial on the blockchain of Ethereum. The digital currency is now evaluated out at the price of 2.9 billion dollars.
Visa shall not take the custody of the digital currency but with immediate effect, the partnership will have the coircial working along with visa that can help in selecting the visa credit card issuers. They shall then begin integrating the USDC software in their platform and thus receive and also send the USDC payments. The circle itself shall go through the same fast track program. In turn, the business shall be able to send the international payments of USDC to any business which the visa supports. Post this, the funds shall get converted to the national currency and then spend it at the place where Visa gets accepted.
Once the circle gets upgraded from the Fast track program of the Visa, the visa shall again issue a credit card that shall give businesses receive and send USDC payments from any business with the help of such card. This would be one such first corporate card ever that would let the business have better expenses be done while having a USDC balance. This eventually would increase the USDC utility and there shall be more circle business clients.
The partnership along with it has the investment of $40 million which eventually led the cryptocurrency startup to hold in the same asset that had earlier issued the current patent of the blockchain application for mining the traditional blockchain currency. It also has increased the work amount directly with the central banking which is now the currency evidence that credit card giant has been using it as the technology which has gained popularity by the name of bitcoin.
Crypto Business World
CBW - External Analyst