Big Milestones For Cryptoassets With Payment Giants’ Announcements Leading To Price Movements

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Last week saw some big milestones for cryptoassets, with payment giants’ announcements leading to price movements. Ethereum carried on the incredible momentum seen this year and at the time of writing is sitting at a new all-time high of $2,150. Having traded at below $150 just 12 months ago, the upward price move followed Visa’s announcement earlier in the week. Bitcoin also saw rises to peak above $60,000 on Friday too, before dipping back down to stabilize at the $59,000 mark.

Visa now settles transactions in Ethereum-powered stablecoin

Payment card giant Visa triggered an upward movement in Ethereum’s price as it announced that transactions can be settled using USD Coin (USDC), a stablecoin powered by the Ethereum blockchain. 

USDC, a stablecoin co-founded by Circle and Coinbase, is a cryptoasset that is pegged to the value of USD, with one USDC always worth one USD.

The announcement means Visa has become the first major payments company to use stablecoins as a settlement currency. Visa said that it is initially working with Crypto.com who will manage its card business now entirely in cryptoassets.

“The announcement today marks a major milestone in our ability to address the needs of fintech managing their business in a stablecoin or cryptocurrency,” said Visa’s Chief Product Officer Jack Forestell. “And it’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.”

PayPal helps bring crypto payments more into the mainstream

PayPal has announced the launch of ‘Checkout with Crypto’, its new feature which expands the use of cryptoassets, according to the payments firm. Whilst only available in the U.S. to start, it now enables PayPal customers with crypto holdings the option of checking out with crypto. 

Building on PayPal’s existing offering which allows the buying, selling, and holding of cryptoassets with PayPal, ‘Checkout with PayPal’ converts cryptoassets into fiat at checkout - automatically appearing in wallets for customers who have sufficient funds to cover the purchase. While only a U.S offering for the moment, there’s no doubt this is another boost for mainstream crypto adoption, as integrations enable a more seamless payment option.

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Disclaimer: This article should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been ...

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