Visa and 50 crypto platforms enable payments in cryptocurrency at 70 million merchants – News Bitcoin News

Visa Inc. announced on Wednesday that transactions using Visa crypto-linked cards exceeded $ 1 billion in the first quarter. The company said it is working with 50 major cryptocurrency platforms “to launch card programs that make it easy to convert and dispense digital currencies at 70 million merchants worldwide.”

Visa announces $ 1 billion worth of crypto card transactions and partnerships with 50 crypto platforms

Visa announced on Wednesday that consumers worldwide spent more than $ 1 billion worth of cryptocurrencies through crypto-linked Visa cards in the first six months of the year. The payment giant also said it is working with 50 leading crypto platforms “to launch card programs that make it easy to exchange and spend digital currencies at 70 million merchants around the world.”

Visa and 50 crypto platforms enable payments in cryptocurrency at 70 million merchants

Vasant Prabhu, Visa CFO, told CNBC, “We’re seeing a lot of volume on ours [network] of people buying cryptocurrencies on 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 cryptocurrencies more usable and like any other currency. People are exploring ways in which they can use cryptocurrencies for things that they would use normal currencies for.

The crypto platforms Visa works with in its Fintech Fast Track program include Coinbase, Blockfi, Circle and FTX. The program focuses in part on making cryptocurrencies more practical for consumer and business spending.

The partnerships will make it easy for customers to exchange and spend cryptocurrencies at 70 million merchants worldwide, including those who do not accept digital assets. Features that are being worked on include allowing users to spend fiat and earn cryptocurrencies as a reward.

Cuy Sheffield, Visa chief executive officer, told the insider that with more than $ 1 billion spent on Visa crypto-linked cards in the first half of 2021, he’s optimistic there is more to be unlocked. He explained:

The dealers don’t have to change anything. It’s the same as any other Visa transaction for them. But in the backend, the crypto assets are immediately converted to fiat.

What do you think of Visa’s efforts to grow the crypto economy? Let us know in the comment section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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