Visa Announce Over $1 Billion In Crypto Spendings In The First Half Of 2021

Global payment giants Visa will continue to support the development and adoption of the cryptocurrency industry as part of its business, the company said in its latest crypto update. In an official statement on Wednesday, Visa announced that its crypto-enabled cards processed more than $1 billion in total spending in the first half of 2021.

- Advertisement -

The company stated that Visa is working with 50 major companies in the crypto industry as well as crypto card programs enabling customers to convert and spend digital currency at 70 million merchants worldwide. Given the amount of spending on Visa crypto-linked cards, the company said that “it’s clear that the crypto community sees value in linking digital currencies to Visa global network.”

Visa stressed that its digital currency support does not require global merchants to accept cryptocurrencies like Bitcoin. Visa has been closely working with major crypto players like cryptocurrency exchange platform Crypto.com to enable a crypto settlement system for fiat transactions. The company has also been working with other major crypto companies like FTX exchange, Coinbase, CoinZoom, and others.

The firm also stated that stablecoins cryptocurrencies pegged to the value of other assets or fiat currencies like the US dollar are “starting to live up the promise of digital fiat,” outlining its developer-friendly features combined with the reliability of fiat-backed reserves.

“Stable coins are on track to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support that development,” the company wrote, adding:

“We’ve been busy at Visa, connecting the crypto economy to our network of network a strategy designed to add value to all forms of money movement, whether on the Visa network or beyond.”

One of the biggest payment companies, Visa made a major move into the crypto industry last year, partnering with Goldman Sachs backed blockchain company circle in order to make its USD coin (USDC) stable compatible with certain credit cards. The company has since reaffirmed its commitment to crypto payments and fiat in ramps, as well as its particular focus on stablecoin based integration

Previous Articles:

- Advertisement -

Latest News

Ripple Applies for US Banking License, Seeks Fed Master Account

Ripple Labs is seeking a national banking license in the United States from the...

Radix Launches Early Test for 1 Billion XRD DeFi Rewards Campaign

Radix will run a public test of its new DeFi rewards campaign from July...

Investors Pump $380M into Four Surging DeFi Protocols in June

Four emerging DeFi projects saw a combined inflow...

FHFA Chief Demands Probe Into Powell Over $2.5B Fed HQ Revamp

FHFA Director William J. Pulte has called for an immediate Congressional investigation into Federal...

SEC to Review Grayscale GDLC ETF Approval, Stays Conversion Order

The U.S. Securities and Exchange Commission (SEC) is reviewing its staff’s approval to convert...

Must Read

Tutorial: How to Buy a Domain Name Permanently? (Super Easy)

Are you ready to establish a permanent online presence and you want to buy a domain forever?In this tutorial, we'll show you how to...