Global Payments Giant Embraces Blockchain
Global payment powerhouse, Visa is keen on embracing the blockchain technology’s potential, setting up a new standard for fiat-denominated payments. Visa has utilized the blockchain technology by moving millions of USD Coin (USDC) onto Ethereum and Solana blockchains for settling payments through their network, VisaNet. This move places Visa in the frontline of adopting blockchain technology and showing its incredible potential in the financial industry. (source: https://biztoc.com/x/954e11603ef3460e)
Visa Expands Stablecoin Settlement
Visa is not just stopping at utilizing blockchain technology, in fact, they’re expanding. The payments giant has forwarded its plans to extend its stablecoin settlement capabilities,
integrating it to include high-speed layer 1. See our previous post on the subject :
Imagine the speed of transaction Visa could achieve with this technological advance – reaffirming once more, the power of blockchain technology. Visa’s recent actions could potentially influence other industry leaders to follow suit, accelerating the acceptance and use of blockchain technology globally.
Expanding on the Crypto.com Initiative
In 2021, Visa explored the potential of USDC within its treasury functions, resulting in a collaboration with Crypto.com. This made Visa one of the pioneering payment giants to experiment with stablecoin settlements. Their endeavors culminated in a successful pilot that utilized USDC and the Ethereum blockchain for cross-border transactions in Crypto.com’s live card scheme in Australia. Today, Crypto.com uses USDC for settling Visa card dues in Australia and plans to introduce this method in more regions.
Prior to this, international settlements for Crypto.com Visa transactions entailed lengthy currency exchanges and expensive wire transfers. Now, Crypto.com can transfer USDC across borders via Ethereum, directly into a Visa-controlled Circle account, streamlining and speeding up the process.
Jeremy Allaire, Circle’s Co-founder and CEO, expressed enthusiasm: “With USDC, Circle aimed to craft a functional digital dollar for swift, secure payments. The expansion of this initiative with Visa showcases the transformative potential of combining USDC with innovative solutions, paving the way for the next phase in payments and financial services.”
Cloud Computing – A Bedrock for Blockchain
In the world where technology transcends geographical boundaries and makes global operations seamless, the advantages of cloud computing serve as a crucial bedrock for blockchain applications. Embracing cloud computing technology can lead to significant cost savings, scalability, and improved security. Businesses looking to break into the blockchain wave can leverage on the power of the cloud. However, transition isn’t without its challenges. These range from maintaining data security to achieving compliance. As we continue in this era of digital transformation, we must learn to navigate these hurdles to reap the maximum benefits from these groundbreaking technologies.
Hence, in a world that’s increasingly networked and cloud-based, blockchain presents enormous opportunities to transform existing business processes. By integrating payment processing like Visa into the fold of blockchain technology users, we’re not just anticipating a faster and more secure financial transaction environment, we’re also looking forward to a world of endless applications for blockchain technology. Keep your eyes peeled for more tech-innovation updates!