Visa Inc. recently announced that transactions via crypto-linked Visa cards exceeded $1 billion in the first half of 2021.
The company said it has partnered with 50 major cryptocurrency platforms to launch card programs that facilitate digital currency exchange and spending at 70 million merchants worldwide.
$1 billion in Visa crypto card transactions:
On Wednesday, Visa announced that consumers globally spent more than $1 billion in cryptocurrency through Visa cards linked to cryptocurrencies in the first six months of this year.
According to Visa, one of the electronic payment giants, it will partner with 50 leading crypto platforms to launch card programs that facilitate digital currency conversion and spending at 70 million merchants around the world.
Visa and 50 Crypto Platforms to Enable Cryptocurrency Payments at 70 Million Merchants:
Vasant Prabhu, Chief Financial Officer of Visa, told CNBC:
We see a large volume on our [network] of people buying cryptocurrencies from various regulated exchanges.
We can see the continuation of this trend.
We are doing a lot to create an ecosystem that makes cryptocurrency more usable like any other. People are exploring ways in which they can use cryptocurrencies for things they might use cryptocurrencies for.
Among the crypto platforms that Visa works with, we find:
Fintech Fast Track ، Coinbase ،Blockfi ، Circle و FTX.
The program is partly focused on making cryptocurrency more practical for consumer and business spending.
The partnerships will make it easier for customers to convert and spend cryptocurrency at 70 million merchants worldwide, including those who do not accept cryptocurrency.
Among the features being worked on is allowing users to spend cash and earn cryptocurrency as a reward.
Coy Sheffield, Head of Cryptocurrency at Visa, told Insider that with more than $1 billion spent on crypto-related Visa cards in the first half of 2021, he is optimistic there will be more.
Traders do not have to change anything.
The crypto transaction will be the same as any other Visa transaction for them.
But in the background, cryptocurrencies are instantly converted into fiat currency.