Today VISA announced that they are going to start using the Ethereum blockchain to settle transactions made in fiat. In my opinion, this is HUGE news for all of us. One of the biggest payment infrastructures in the world is planning to integrate their first transactions using blockchain technology.
VISA has done a great job, they partnered with crypto.com & Binance to offer their own VISA credit card with the possibility to spend your cryptocurrency or fiat directly from your account.
I have tried both of this cards myself and they work really well. They even have crypto cashbacks (free money) each time you make a payment. I earned a few hundred dollars back with my daily purchases, it feels great to receive free money.
What do you think will happen next?
Do you really think this will stop here? Let me give you a hint: NO.
More companies will follow the same path, sooner or later they will join the party.
Even VISA will expand this first pilot and will implement other blockchains and cryptocurrencies. I'm 100% sure they will adapt, in fact, they don't have any other option.
Crypto.com is the first partner
According to what VISA confirmed, the pilot would apparently allow Crypto.com to send USDC to Visa's Ethereum address to settle some of the transactions under the exchange's Visa card program.
Crypto.com will be the first partner that will start working with VISA using their own VISA Ethereum wallet. They will not have to convert USDC (which is the chosen token) to USD for each payment.
All of this is possible thanks to a partnership with Anchorage (first time I read about them). Here you have info from their own website:
Anchorage is the premier digital asset platform for institutions. Founded in 2017 to meet the growing need for institutional custody that lets investors safely hold and use crypto, Anchorage has grown into a full-service financial platform and infrastructure provider for the digital asset space.