Bitcoin Jumps To One-week High As Visa Pilots Crypto Settlement

Published date: .


and other cryptocurrencies rose after Visa Inc. said its payments network will use a stablecoin backed by the U.S. dollar to settle transactions, as blockchain technology gains more acceptance in the established financial system.

As part of a pilot program, Visa is using USD Coin to settle transactions over Ethereum, with the help of the platform and Anchorage, a digital-asset bank, according to a statement Monday by the San Francisco-based payments giant. Visa will offer the service to more partners later this year.

Bitcoin jumped by as much as 6.3% during the European session to climb back above $58,000. The wider Bloomberg Galaxy Crypto Index also advanced.


Jack Forestell, Visa’s chief product officer, said the firm’s move is partly an effort to serve financial-technology companies.

“Crypto-native fintechs want partners who understand their business and the complexities of digital currency,” Forestell said in the statement. “The announcement today marks a major milestone in our ability to address the needs of fintechs.”

(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.