VISA News: Centralized payment processing giant VISA has announced that crypto transactions for its cryptocurrency-linked cards exceeded $1 billion in the first two quarters of 2021. VISA; Coinbase offers crypto spending opportunities through its cards in collaboration with Circle and BlockFi. They announced that they have observed a huge increase in annual cryptocurrency spending on the VISA network.
VISA CFO Vasant Prabhu said they want to make crypto one of the most used currencies in the coming years. “We are doing a lot to build an ecosystem that makes cryptocurrency more useful like any other currency,” Prabhu said. used his words.
Partnered with many cryptocurrency exchanges
The payment processing giant has partnered with many crypto exchanges around the world to make it easier for users to spend their crypto assets where Visa is accepted. “We see a lot of volume in our network with people buying cryptocurrencies on many regulated exchanges, and from what we’re reviewing, this trend continues,” Prabhu supported.
VISA has been dealing with cryptocurrencies for over a year in the digital asset market. The payments giant now sees crypto as part of the consumer-to-market spending hub and believes it could disrupt the $18 trillion market. VISA’s business in crypto opens the door for more than 70 million co-sellers to spend on crypto.
VISA and MasterCard have actively worked with their businesses on this issue over the past few years to facilitate cryptocurrency spending. It announced that Mastercard’s latest partnership with Gemini will enable consumers to earn cryptocurrency rewards on their credit cards.
Will VISA add crypto to its balance sheet?
In this interview, CFO Prabhu stated that they have no intention of adding cryptocurrencies to their balance sheets, which was popular with MicroStrategy and Tesla and became a kind of trend in the first quarter of 2021.
“Today we do not hold cryptocurrencies on our balance sheet. We keep the currencies we need to run our business on our balance sheet. We prefer to keep the currencies in which we receive payments and pay people. These are the dollar, the euro and the pound. That’s why we have no plans to hold cryptocurrencies because that’s not how we usually get paid and pay people. “