Menu
Banking Exchange Magazine Logo
Menu

Banks One Step Closer to Focusing on Crypto as Visa Looks to Pilot Program

Visa Inc. announced that its payment network will use a “stable coin” that will be backed by the United States dollar

  • |
  • Written by  Banking Exchange staff
  • |
  • Comments:   DISQUS_COMMENTS
Banks One Step Closer to Focusing on Crypto as Visa Looks to Pilot Program

Visa Inc. announced that its payment network will use a “stable coin” that will be backed by the United States dollar in settling transactions signaling the acceptance of blockchain technology in the mainstream economic system. The trend could be the biggest change to the payments industry in decades.

Visa will be launching a pilot program that will use the USD Coin to settle transactions over Ethereum with help from Anchorage, a digital asset bank. The service will be offered to more partners later in the year, but will start with Crypto.com and Anchorage. Bitcoin increased by more than 6% after a slight sell off last week taking the digital currency back up beyond $58,000.

The entire Crypto Currency market advanced with the news. Just one year ago, Wall Street analysts were claiming Bitcoin was overheated when it was trading at a fraction of what it is today.

Financial companies are adopting cryptocurrencies and blockchain with momentum that seems to signal mainstream usage is closer than analysts had expected. While many Wall Street executives still claim that it is simply a speculative market, financial institutions continue to invest.

Visa Chief Product Officer Jack Forestell explained that the move was focused on financial technology firms. “Crypto-native fintechs want partners who understand their business and the complexities of digital currency. The announcement today marks a major milestone in our ability to address the needs of fintechs.”

back to top

Sections

About Us

Connect With Us

Resources

Webinar: From KYC to IDV

How three leading banks are utilizing cutting-edge
digital tools to onboard, win, and wow customers

Time/Date: June 23, 2021 11:00 a.m. ET

Digital adoption, already moving at warp speed, accelerated seven years into the future during the COVID-19 pandemic. As the number of bank branches continues to fall, with at least one study predicting all branches will disappear by 2034 (Fox Business) and foot traffic declining (Vox), today’s most innovative banks are charting a new, digital-first path to win over customers while increasing security, meeting KYC compliance requirements, and winning customers to drive revenue.

In this webinar, you’ll hear from John Baird, Founder & CEO of Vouched, Tyler Crawford, COO of Bankers Healthcare Group, Anand Sathiyamurthy, CPO of Flagstar Bank and Daniel Sheehan, Chairman & CEO of Professional Bank as they describe their vision for digital transformation and how customer expectations are changing to digital first. They’ll also explore how fostering an innovation mindset creates new ways to tackle complex KYC problems and allows them to quickly compete in new markets and win customers.

REGISTER NOW!

This webinar is brought to you by:
Vouched Logo