If you were waiting until Cryptocurrency felt more like “real banking” to learn about it, your time has come. Trade in your cassette tapes, turn in your Members-Only jacket and get serious about digital currency. Things are getting serious.
The big news in town is that Visa will begin a pilot program to settle transactions using the Ethereum blockchain. This is seriously big news in the world of digital currency, and it's time to get on board.
This pilot program will allow Crypto.com to settle a portion of its obligations for the Crypto.com Visa card program in USDC (USD Coin). Anchorage, Visa’s digital currency partner, brings up the backend as the first federally-chartered digital asset bank. Anchorage is acting as custodian, so funds will be sent from Crypto.com to Visa’s Ethereum address at the bank itself.
What does all this mean?
The way things are done now is that existing settlements take place in fiat currency that a company accepts, so now part of a partner’s crypto reserves will need to be converted. This incurs an added “conversion rate.” With this change, Visa partners can settle their transactions directly using USDC.
That is to say, Cryptocurrency and Stablecoin just found a matchmaker in Visa. And it's a match made in finance heaven.
(Photo by Thought Catalog on Unsplash)
I’m not about to use this article to teach the ins and outs of Cryptocurrency any more than I taught my parents about the difference in sound quality from an 8-track to a CD. But believe me, there was a serious quality upgrade. The same holds true here. Transactions can be made more secure in Cryptocurrency, there are more than 35 platforms, and all of them are earning profits for their investors.
You really only need to think of cryptocurrencies the same way you would casino chips. You can buy them in varying amounts, and you can trade them in for what you need. The cooler thing about these chips, though, is that if you keep them until your next visit to the casino, you just might find that your $50 chip is worth $500. No investment is foolproof, and there’s never a get-rich quick scheme, but the future of banking is moving to cryptocurrency, so it’s time to learn how it works, and buy a few chips, or be left behind rewinding your cassette tapes while the rest of us press ‘play’ on our Mp3s.