Visa and Paypal Open the Door to Crypto

PayPal announces that you can pay in multiple crypto coins with their wallet. Meanwhile, Visa is also conducting tests with payments in the cryptocurrency USD Coin.

 

Visa is one of the first payment networks to accept payments in USD Coin. That is a so-called stable coin that is linked to the US dollar. USD Coin runs on the Ethereum blockchain.

Specifically, Visa in the United States and digital bank Anchorage will allow payments through Crypto.com – one of the world’s largest crypto platforms – in USDC. For example, crypto coins no longer have to use traditional currencies in their cash and settlement flows. This is a pilot project and is not initially applicable to money movements on individual consumer accounts.

Meanwhile, PayPal is also making it easier to pay with crypto coins. The online payment service will roll out a function that allows bitcoin, ether, bitcoin cash and litecoin to be converted into fiduciary money that you can use to shop.

This feature should become available globally in the coming months. “This is the first time you can seamlessly use cryptocurrencies within your PayPal wallet in the same way as a credit or debit card,” Dan Schulman, CEO of PayPal, told Reuters.

Both Visa’s and PayPal’s systems make the use of crypto coins a lot more practical. Digital coins are currently mainly the territory of speculators because, apart from a Tesla or the decryption of your computer after a ransomware attack, you cannot buy much with them. Cryptocurrencies usually first have to be converted into more traditional currencies by an exchange platform.

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