Visa has announced that it will be able to trade with USD Coin (USDC) on its own payment network. Transfers with USDC will be traded over Ethereum. Bitcoin and altcoin prices rose after the news.
Visa, USD Coin transactions Crypto.com along with began testing. The scale of the testing will grow later in the year, according to Reuters.
Timecoin Protocol
Direct payment not indirect
Cryptocurrency users, Crypto.com when they pay with cards such as Visa, this payment is converted from cryptocurrency to fiat money. The conversion process makes it difficult to use cryptocurrencies on the Visa network.
Visa will eliminate the conversion process using the Ethereum blockchain and complete the transaction with cryptocurrency without converting to fiat money. Crypto.com Visa, which works alongside Anchorage, carried out the first USDC transaction on the Ethereum network this month.
Cryptocurrency prices on the rise
Bitcoin was being bought and sold at $ 56,215 before the news of Visa was heard. The price rose to $ 58,191 in the first hour after the news, according to Coinbase data. The price of Ethereum (ETH), which uses visa's Technology, rose from $ 1,710 to $ 1,765.
According to CoinGecko data, the total value of the cryptocurrency market is $ 1.85 trillion, while Bitcoin dominance is 58.2%.
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