Visa reports spending on crypto – To assist the larger digital revolution of financial services, Visa will continue to connect the crypto economy to its “network of networks.”
Visa, the global payments giant, announced in its latest crypto update that it will continue to support the growth and acceptance of cryptocurrencies as part of its business.
Visa revealed on Wednesday that its crypto-enabled cards cleared more than $1 billion in total expenditure in the first half of 2021 in an official statement.
Visa is working with 50 key crypto firms, as well as crypto card programs, to enable customers to convert and spend digital currency at 70 million merchants globally, according to the company. “It’s obvious that the crypto community sees value in tying digital currencies to Visa’s worldwide network,” the firm stated, citing the magnitude of expenditure on Visa crypto-linked cards.
However, worldwide businesses are not required to take cryptocurrencies such as Bitcoin (BTC) directly. Visa has been collaborating with key crypto companies such as cryptocurrency trading platform Crypto.com to allow a crypto settlement mechanism for fiat transactions, as previously reported. Other prominent crypto firms like as FTX exchange, Coinbase, CoinZoom, and others have also collaborated closely with the company.
Stablecoins, which are cryptocurrencies tied to the value of other assets or fiat currencies like the US dollar, are also “starting to live up to the promise of digital fiat,” according to the business, citing developer-friendly features as well as the security of fiat-backed reserves. Visa stated, “Stablecoins are on track to become a significant element of the larger digital revolution of financial services, and we are delighted to help shape and support that growth.”
“We’ve been busy at Visa, connecting the crypto economy to our ‘network-of-networks,’ a strategy designed to add value to all forms of money movement, whether on the Visa network, or beyond.”
Visa, one of the world’s largest payment firms, took a big step into crypto last year, collaborating with Circle, a Goldman Sachs-backed blockchain startup, to make its USD Coin (USDC) stablecoin interoperable with certain credit cards. Since then, the company has reiterated its commitment to crypto payments and fiat on-ramps, with an emphasis on stablecoin-based integrations in particular.