According to a press release issued by Visa Inc. (V), its payment system will accept the USD Coin, a stable coin, as a settlement tool on its network. The payment system is currently piloting a cryptocurrency marketplace Crypto.com and expects to open its uptake to other platforms by the end of next year, the message states.
Kui Sheffield, Head of Cryptocurrencies at Visa, said, “We are seeing an increasing demand from consumers to store, access, and use digital currencies, and we can provide products that allow consumers such access.”
Many financial institutions, including Bank of New York Mellon, BlackRock, and Mastercard, are planning to expand their payment capabilities with digital currencies. According to the agency, this raises prospects that cryptocurrencies will eventually be a permanent fixture of investment portfolios.
According to Bloomberg, Visa’s plans will include issuing a crypto card that will give owners the option to receive rewards for buying bitcoin rather than bonus miles or cash. Visa Inc. (V) plans to roll out the card in partnership with the cryptocurrencystartupBlockFi. The project is scheduled to launch in the spring of 2021, according to the agency.
Given the past, let’s examine various future or past developments regarding Visa Inc. (V). Stocks rose 3.20% during the past five business days and declined -0.10% in the previous month. In the last quarter, the USD Coin’s stock rose 4.01%. In the six months before closing, the stock production increased by 9.21%, while the overall output increased by 26.44%. Since the beginning of the calendar year, company performance has been at -2.38%.