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.
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