Visa Inc. revealed on Wednesday that more than $1billion worth of cryptocurrency spending activity was performed by its consumers in the first half of 2021.
With more than $1 billion spent on crypto-linked Visa cards in the first half of 2021, it’s clear that the crypto community sees value in linking digital currencies to Visa’s global network.
Visa’s crypto-linked card is gaining popularity by the day. This is the latest result of a partnership with over 50 cryptocurrency firms, with many of these firms launching cards with Visa.
Speaking with CNBC, Visa’s Chief Financial Officer (CFO) Vasant Prabhu talked about the growth and importance of these cards. He also expressed how easy it is to spend digital assets through a Visa card.
Today, the value of crypto assets held in regulated digital wallets is in the hundreds of billions. For the tens of millions of people using those platforms, one of the simplest ways to spend crypto is through a Visa card […] We’re partnering with 50 of the leading crypto platforms on card programs that make it easy to convert and spend digital currency at 70 million merchants worldwide.
Visa’s partnership agreements are in line with their broader acceptance of digital currencies amid the rising sentiments from recent crypto clampdowns in China and other regions. In late March, the firm disclosed that it would begin to use cryptocurrencies to settle transactions on its payment network.