Yu Chun Christopher Wong/S3studio/Getty Images
Bitcoin and ether jumped on Monday after Visa announced that it will enable the use of a USD Coin to settle payment transactions on its platform.
The price of bitcoin sharply climbed minutes after Reuters first reported about Visa's move at around 4:40 a.m. Eastern. Ether spiked shortly after.
As of 3:17 pm Eastern, bitcoin is trading higher by 3.78% to $57,835.41 while ether is up 9.69% to $1,825.76.
"The world is going crypto and a couple more Wall Street giant endorsements should be what is needed to take prices toward $75,000 over the next couple of months," said Edward Moya, senior market analyst at Oanda.
Visa on Monday revealed plans to pilot the payment option via Crypto.com and said it looks to allow more partners the same route later this year.
"Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors," Jack Forestell, Visa's executive vice president and chief product officer, said in a statement.
The company partnered with digital asset bank Anchorage to carry out its first USD Coin transaction this month. USD Coin is a stablecoin cryptocurrency that has its value pegged to the US dollar.
Visa's move comes after major institutions such as Tesla, Mastercard, Bank of New York Mellon, and others have embraced cryptocurrencies in recent months.
NOW WATCH: Why electric planes haven't taken off yet
See Also:
- A prime brokerage exec shares 4 reasons why 'bitcoin is better at being gold than gold' as wealth-erosion fears mount — and explains the crucial role emerging markets play in driving demand
- Bank stocks could jump 45% on rising bond yields and attractive relative value, Morgan Stanley says
- ETFs tracking oil, air travel and retail are soaring as investors pile into stocks tied to the reopening of the economy
