ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Friday, May 20, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Visa [PHOTO CREDIT: Bloomberg.com]

Visa [PHOTO CREDIT: Bloomberg.com]

Visa to accept cryptocurrency for transactions

Visa is starting with USD Coin, not Bitcoin.

byAbdulkareem Mojeed
March 29, 2021
2 min read

Visa Inc, an American multinational financial services corporation, announced on Monday that it will permit the use of the cryptocurrency USD Coin to settle transactions on its payment network, a move conceived to be the genesis of digital currencies acceptance by the mainstream financial industry.

The financial services corporation headquartered in Foster City of the United States, said it has launched the pilot programme with payment and crypto platform Crypto.com, amidst plans to offer the option to more partners later this year, a Reuters report said.

According to the report, the USD Coin (USDC) is a stablecoin cryptocurrency whose value is pegged directly to the U.S. dollar.

It noted that the move by Visa comes as major finance firms including BNY Mellon, BlackRock Inc and Mastercard Inc embraced some digital coins, which triggered predictions that cryptocurrencies will become a regular part of investment portfolios.

On March 24, Elon Musk, the owner of the electric car maker, Tesla, announced that a Tesla vehicle can now be bought with the world’s most popular cryptocurrency, Bitcoin. This further established a significant support for the cryptocurrency’s use in commerce.

ALSO READ: Tesla now accepting Bitcoin for its vehicles – Elon Musk

Cuy Sheffield, head of crypto at Visa, was quoted to have said ; “We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers.”

“Traditionally, if a customer chooses to use a Crypto.com Visa card to pay for a coffee, the digital currency held in a cryptocurrency wallet needs to be converted into traditional money,” the report reads in part.

How does this work?

The cryptocurrency wallet will deposit traditional fiat currency in a bank account, to be wired to Visa at the end of the day to settle any transactions, adding cost and complexity for businesses, Reuters report noted.

It said the Visa’s latest step, which will use the ethereum blockchain, strips out the need to convert digital coins into traditional money in order for the transaction to be settled.

Meanwhile, Visa said it has partnered with digital asset bank Anchorage and completed the first transaction this month with Crypto.com sending USDC to Visa’s Ethereum address at Anchorage.

The price of the world’s most popular cryptocurrency has increased by 3.54 per cent in the last 24 hours, according to coinmarketcap.com.

1X Bet AD

Within this period, Bitcoin touched a low of $55,071 and a high of $58,342 per BTC, with 7.13 per cent increase in trading volume.

As at 02:18 Nigerian time, the price of the digital currency is pegged at $58,031.62.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

CITIZEN-FM AD


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: To place an advert here . Call Willie - +2348098788999


JOIN THE CONVERSATION

  • Disqus (1)
premiumtimes





PT Mag Campaign AD

Previous Post

Zimbabwe to get 50mw of electricity from joint venture

Next Post

EXCLUSIVE: I was offered 80 million dollar bribe over suspicious N159billion judgment debts – Fayemi

Abdulkareem Mojeed

Abdulkareem Mojeed

More News

Team Orlado Pirates [PHOTO: Supersports]

CAF Club Competitions: Five Nigerian players that have won titles with other African teams

May 20, 2022
Monkeypox

Monkeypox: WHO says UK cases locally acquired

May 20, 2022
Charles Soludo [PHOTO CREDIT: @ProfCharlesSoludo]

I inherited ‘red treasury’ in Anambra – Soludo

May 20, 2022
Mohammed Hayatu-Deen, a PDP presidential aspirant and former Managing Director of the now-defunct FSB International Bank.

2023: I’ll declare National Security Emergency on inauguration day if elected – Hayatu-Deen

May 20, 2022
All Progressives Congress (APC)

Kano lawmaker who defected to NNPP makes U-turn, returns to APC

May 20, 2022
Lanfewa randa road littered with refuse.

Abeokuta overflowing with refuse, residents say

May 20, 2022
Next Post
Kayode Fayemi

EXCLUSIVE: I was offered 80 million dollar bribe over suspicious N159billion judgment debts - Fayemi

Major-General I. Attahiru, Nigeria’s new Chief of Army Staff.

Army’ll deal with all security threats – Attahiru

Read All Comment

Search

AUN-PT Ad





Transport-Technology


Stanbic Ad


Access Bank Ad





Glo Ad


Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,842,246 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • Dubawa
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.