Visa Entry Should See Further Crypto Adoption

April 7, 2021, by Cris
BTC has failed to reach new highs this week. Visa trials cryptocurrency payments for end of year rollout.
Visa blockchain

Bitcoin tested the $60k level again this week but has not been able to get through that level and risks a correction. Despite the short-term price action, news last week saw payments giant Visa setting up for an entry into blockchain payments, which could spur further mainstream adoption.

Visa processed a cryptocurrency payment on the Ethereum blockchain as a trial for a new service that the company plans to roll out to its partners at the end of 2021. The transaction was facilitated with the Visa card platform, which sent a USDC stablecoin transaction on the Ethereum chain to a custody account under Visa’s name.

The move by Visa will see cryptocurrencies accepted at point-of-sale (PoS) merchant terminals in physical and online retailers. The payments market is suddenly gathering steam after last year’s entry by PayPal, while Visa’s rival, Mastercard, has also talked of blockchain payments.

Cuy Sheffield, the vice president and head of Crypto at Visa, also hinted at the use of central bank digital coins, saying:

“We built the capability in a way where we can support other digital currencies in the future, including potential central bank digital currencies.”

The big Wall Street payments firms are telling us that central bank coins will soon operate on digital wallets and be accepted at PoS terminals across the world. This will only increase demand for cryptocurrency and digital payments platforms.

Litecoin Is Tracking Bitcoin

Litecoin’s price has consolidated from the late February highs of $240 and now trades at $200. At the moment, the coin is tracking the moves of BTC and we would need a project catalyst to see LTC disconnect from the overall market trends. LTC has been nudged out to number nine in the list of coins by market cap after the coin held the fifth spot for some time.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.