Visa Partners with Crypto.com to Enable Fiat Transaction Settlement on Ethereum

Visa, the world’s leader in digital payments, has been the first major payments network to enable Ethereum transactions in USD Coin which is a stablecoin backed by the US dollar. To achieve that, Visa is joining forces with Crypto.com.

Credit cart giant’s partners will have the ability to exchange USD Coin through its payments network by cooperating with Crypto.com. Crypto.com will send USDC to Visa’s Ethereum address as a way of settling some of the transactions that have been sent through Crypto.com’s Visa card program.

Jack Forestell, executive vice president and chief product officer, Visa, commented: “Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors.”

“The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency, and it’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.”

Earlier this month, Fazzaco has reported Crypto.com​ has built strategic partnership with Visa and has become a principal member of Visa in Australia.