Exclusive: Visa moves to allow payment settlements using cryptocurrency – Reuters

Exclusive: Visa moves to allow payment settlements using cryptocurrency – Reuters

(Reuters) - Visa Inc said on Monday it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing acceptance of digital currencies by the mainstream financial industry.FILE PHOTO: A Visa credit card is seen on a computer keyboard in this picture illustration taken September 6, 2017. REUTERS/Philippe Wojazer/Illustration/File Photo/File PhotoVisa has launched the pilot program with payment and crypto platform Crypto.com and plans to offer the option to more partners later this year, it said.The USD Coin (USDC) is a stablecoin cryptocurrency whose value is pegged directly to the U.S. dollar.Visa's move comes as major finance firms including BNY Mellon, BlackRock Inc and Mastercard Inc have embraced some digital coins, sparking predictions that cryptocurrencies will become a regular part of investment portfolios.Tesla Inc boss Elon Musk said last week that customers can buy its electric vehicles with bitcoin, marking a significant step forward for the cryptocurrency's use in commerce.“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,” Cuy Sheffield, head