We all know that the crypto market is super boring at the moment. It seems like we’ve been in a never-ending bear market with sideways price action at best. Yes, we had a nice run during and after the 2022 holidays, but that has largely subsided and left us with cooled-off conditions. But the big money continues to show interest in crypto, with all the Bitcoin ETF filings and multiple billionaires stating their interest in crypto on live TV. The latest institution to make big moves into crypto is Visa.
Visa recently unveiled its latest initiative to modernize cross-border money transfers. The company is expanding its capabilities for settling transactions with stablecoins and has chosen to use the Solana blockchain network.
Visa is also partnering with renowned merchant acquirers Worldpay and Nuvei. A merchant acquirer is a financial institution responsible for processing credit and debit card transactions on behalf of businesses.
Cuy Sheffield, Head of Visa Crypto said, “By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury.” He went on to say, “Visa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve how we move money.”
Solana Blockchain Network
In its pursuit to extend this capability to more clients, Visa has observed substantial demand for utilizing blockchains that enable faster and more cost-effective transactions of stablecoins. As a result of these factors, Visa has decided to incorporate support for the Solana blockchain. This empowers its partners to opt for Solana when conducting USDC settlement payments, ensuring efficiency and effectiveness in their transactions.
Visa has become one of the pioneers in the payments industry by directly leveraging the power of Solana for real-time settlement payments among its clients. The Solana blockchain boasts impressive statistics, with 400 millisecond block times and an average of 400 transactions per second (TPS). During peak demand, it can even surge to more than 2,000 TPS across various use cases. This partnership signifies Visa’s commitment to embracing innovative solutions for seamless and efficient payment processing.
Visa’s strategic move to integrate blockchain technology into its payment processing signifies a pivotal shift in the financial sector. As one of the global leaders in payments, Visa’s adoption of stablecoins and its partnership with blockchain networks like Solana strongly suggest that blockchain technology is becoming an increasingly valuable tool in institutional payment processing. This innovation not only enhances the speed and efficiency of cross-border transactions but also paves the way for a future where digital currencies and blockchain technology are integral to our financial systems. Companies, both big and small, are likely to follow in Visa’s footsteps, signaling a new era in payment and remittance services.
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