Visa News: Payments giant Visa has announced that over a billion dollars were spent using its crypto-linked cards in the first half of 2021.
Financial services giant Visa announced that over $1 billion was spent in cryptocurrencies using its cards in the first half of 2021.
The company has partnered with more than 50 cryptocurrency-related companies, including exchanges FTX and Coinbase, to allow its clients to convert and pay for digital assets at over 70 million investors worldwide.
Cuy Sheffield, Visa’s head of cryptocurrency, said:
“Investors don’t need to change anything. It will be the same as any other Visa transaction made to them. But on the backend, crypto assets are instantly converted to fiat.”
Sheffield added that the number of consumers who trade and hold cryptocurrencies is increasing. “Then you have millions of investors who don’t really understand crypto. They don’t want to update their outlets and stalls and understand what a blockchain is.”
Speaking to CNBC, Visa CFO Vasant Prabhu said the company aims to “create an ecosystem that makes cryptocurrency more useful and like any other currency.”
In late March, Visa announced that it would allow transactions using USD Coin on its payment network. A pilot launched earlier in the month saw crypto trading app Crypto.com send a USDC transaction to Visa’s digital asset bank, Ethereum address in Anchorage.
But Visa has no plans to follow the likes of Tesla and MicroStrategy by buying Bitcoin for their corporate vaults. “Today we do not hold cryptocurrencies on our balance sheet,” Prabhu said, adding that the company has currencies “with which we pay or pay people,” such as dollars, pounds or euros. “So we have no plans to hold cryptocurrency because that is not how we usually get paid or how we pay people.”