VISA is the biggest competitor of MasterCard in terms of electronic payments and transaction facility provider. The company operates in more than 200 countries at present and has a market cap of $457.80 billion. The company had always been ready to embrace the challenges of the changing monetary traditions and culture of the world. Last month, VISA launched an API for enabling banking services via Bitcoin. This month the company issued an official statement for activating USDC payment.
According to a news update on the VISA blog, the users would now be able to process payments directly on the Ethereum blockchain using crypto stablecoin USDC. USDC is a stablecoin launched in 2018 by collaboration between Circle and Coinbase. The value of this stablecoin is tied to the US dollar and valued at 1 dollar. The service has been made possible by VISA syndicate with the card issuer and Crypto.com.
Ether and Bitcoin Surges in the Wake of VISA Crypto Integration
Bitcoin put its investors on an acid test during the past week. However, the flagship currency has dusted off the dirt and got back on its feet again, as it reaches a key threshold of $58,000. Meanwhile, Ether’s positive association with Bitcoin also rubbed off on the DeFi network and helped it climb 5% higher in the market to gain a momentum of $1,782. It should be noted that the Ethereum blockchain supports 74% of the total stablecoin volume.
The blockchain’s ability to attract more investors has been improved significantly by the VISA supporting a stablecoin backed by Ethereum. Miners also have better chances of getting incentives from the growth of Ethereum-based ventures with stablecoins and other industries. According to technical analysis, it seems that ETH/USD would break bullish. However, there is a negative breakout move expected towards the $1350-$1470 support area.
Bitcoin is Preparing the Ground to Enter Mainstream Markets
VISA network is capable of processing 24,000 transactions per second. In the wake of VISA enabling crypto-based payment feature, the BTC market experienced an instant upsurge. The stablecoin and ETH engagement is only the start; VISA CEO Al Kelly has better news for the Bitcoin enthusiasts. In a recent interview with Fortune Podcast, Kelly shed light on VISA plans for future crypto ventures.
VISA wished to allow its users to buy Bitcoin with their VISA credentials. Secondly, the company wished to enable BTC and fiat currency exchange. When these features are enabled, it could take BTC in the reach of every household and make it the first digital asset to gain such a massive following. Several major institutional investors like Tesla, MicroStrategy, PayPal, Square Inc. have already embraced the flagship cryptocurrency.