Visa (V.US), a global payments technology company, is expanding its horizons by stepping into the blockchain space with Solana. The partnership aims to modernize cross-border money movement and has already seen the successful transfer of millions of USDC, a stablecoin pegged to the U.S. dollar, between its partners over both the Solana and Ethereum networks. This marks a significant move for Visa, as it plans to leverage high-performance blockchains like Solana to facilitate quick and cost-efficient payment settlements. Solana's cryptocurrency gained over 1.6%, even as the broader cryptocurrency market showed signs of decline.
The collaboration with Solana follows Visa's earlier work with Crypto.com and represents the next step in Visa's commitment to integrating digital currencies into its treasury and settlement systems. Through this strategic partnership, Visa aims to improve the speed of cross-border settlements for its merchant acquirers Worldpay and Nuvei, both of whom serve a wide array of sectors, including the burgeoning blockchain and crypto economies. Visa's involvement with Solana indicates the growing importance of blockchain networks in transforming the payments landscape, offering a more modern, rapid, and versatile option for the movement of money across borders.
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Source: xStation 5
