Visa Inc. announced Wednesday that the transactions via crypto-linked Visa cards exceeded $1 billion in the first quarter. The company further said that it is partnering with 50 major cryptocurrency platforms “to launch card programs that make it easy to convert and spend digital currency at 70 million merchants worldwide.”
Visa Announces $1 Billion in Crypto Card Transactions and Partnerships With 50 Crypto Platforms
Visa announced Wednesday that more than $1 billion worth of cryptocurrency was spent by consumers globally through crypto-linked Visa cards in the first six months of the year. The payments giant also said that it is partnering with 50 leading crypto platforms “to launch card programs that make it easy to convert and spend digital currency at 70 million merchants worldwide.”
Visa CFO Vasant Prabhu told CNBC: “We see a lot of volume on our [network] of people buying cryptocurrencies at these various regulated exchanges and as far as we can see that trend continues.” He added:
We are doing a lot to create an ecosystem that makes cryptocurrency more usable and more like any other currency. People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for.
Among crypto platforms that Visa is working with in its Fintech Fast Track Program are Coinbase, Blockfi, Circle, and FTX. The program is focused in part on making cryptocurrency more practical for consumer and business spending.
The partnerships will make it easy for clients to convert and spend cryptocurrencies at 70 million merchants worldwide, including those that do not accept digital assets. Among the features being worked on is letting users spend fiat and earn cryptocurrencies as a reward.
Cuy Sheffield, Visa’s head of cryptocurrency, told the Insider that with more than $1 billion spent on crypto-linked Visa cards in the first half of 2021, he is optimistic there is more to unlock. He explained:
The merchants don’t have to change anything. It will be the same as any other Visa transaction to them. But on the backend, the crypto assets are instantly converted into fiat.
What do you think about Visa’s efforts to grow the crypto economy? Let us know in the comments section below.