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FinTech

Visa & Paypal announce changes supporting cryptocurrency transactions

SHORTER READ

Visa soon to allow transactions to be settled in USD Coin & PayPal to allow US customers to make payments for online purchases using cryptocurrency

1 minute read

30 March 2021

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Jean-Martin Louw

Associate

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There have been two very important announcements in the digital assets space made over the past 24 hours:

Firstly, owing to increasing demand from consumers, Visa will soon allow transactions to be settled in the cryptocurrency USD Coin (USDC). Traditionally, a customer would first have to convert their digital coins into fiat currency in order to transact. However, Visa will allow customers to transact directly with USD Coin via the Ethereum blockchain.

Also, later today (Tuesday 30 March 2021), PayPal will announce that is paving the way for US customers to make payments for online purchases using a variety of cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Litecoin (LTC).

These are important signals to the global financial system that cryptocurrencies can be genuine stores of value and that Ethereum is a legitimate platform on which to settle transactions.

30 March 2021

Authors

Jean-Martin Louw

Associate

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Jean-Martin Louw

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jean-martin.louw@collyerbristow.com



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