Visa Explores Blockchain Technology for Efficient Transactions
Are you curious about how blockchain technology can revolutionize the way we move money? Visa, a major payment network, is at the forefront of digital currency innovation. Through partnerships with issuers like Crypto.com, Visa is testing stablecoin settlement on the issuance side.
This pilot project aims to simplify the management of card programs for crypto native issuers, reducing the time and complexity of international wire transfers. Previously, cross-border settlement for Crypto.com Visa card purchases involved time-consuming currency conversions.
By utilizing blockchain technology and USDC, a stablecoin, Crypto.com can now send funds across borders via Ethereum to a designated Visa Treasury account. This streamlined process significantly reduces the time and complexity of international wire transfers.
Visa Expands Capability with Solana for Rapid Settlement Payments
Visa is not stopping at stablecoin settlement on Ethereum. The company is expanding its capability by supporting Solana, a high-performance blockchain. This move positions Visa as a pioneer among major payment companies.
Solana offers impressive performance metrics, including fast block times and high scalability. With successful live pilots, Visa has already settled millions of dollars of USDC over the Ethereum and Solana blockchains between its clients.
Hot Take: Visa’s Blockchain Exploration Paves the Way for Efficient Global Payments
Visa’s partnership with Crypto.com and its adoption of blockchain technology demonstrate the company’s commitment to improving the efficiency of global payments. By leveraging stablecoins and high-performance blockchains like Solana, Visa is revolutionizing the way money is moved.
This exploration not only benefits crypto native issuers but also has the potential to enhance efficiency for all users of the Visa payment network. It’s still early days, but Visa’s efforts have already shown promising results in settling fiat-denominated payments authorized via VisaNet.
As blockchain technology continues to evolve, we can expect Visa to remain on the forefront, constantly exploring new ways to improve the way we transact and move money.
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