VISA: Over $ 1 billion spent on cards linked to cryptocurrencies in the first half of the year

Redacția iul. 10, 2021 0 comentarii
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The value of cryptocurrencies held in regulated digital wallets is in the order of hundreds of billions of dollars, according to Visa representatives, quoted by Agerpres.

“For tens of millions of users of these platforms, one of the easiest ways to use cryptocurrencies is through a Visa card. We are currently collaborating with 50 of the largest cryptocurrency trading platforms, which facilitate the conversion and use of digital currencies for payments to 70 million merchants worldwide, ”say VISA representatives. In the first half of the year, more than $ 1 billion was spent on Visa cards connected to cryptocurrencies.

According to the quoted source, these programs do not require any trader, whether it is a cafe, a dry cleaner or a grocery store, to directly accept paid cryptocurrencies.

“Payment is similar to any contactless payment, without the need to update the way cards are accepted for payment now, either in terms of the terminal used or the encryption keys used. Our focus has been on connecting the crypto market to the Visa network, a strategy through which we aim to add value to all forms of money circulation, regardless of whether it is done through the Visa network or outside it “, the communiqué states.

“In this context, it is essential that financial institutions of any kind establish a strategy on cryptocurrencies. Reinventing loyalty programs: in general, consumers want to have the opportunity to make choices in all respects, and when it comes to loyalty and rewards the situation is similar, “according to Visa representatives.

“Stablecoins are gaining ground: With more than $ 100 billion and hundreds of billions traded every month on public blockchains, stable coins in circulation are beginning to live up to the promise of ‘traditional coins in shape.’ digital (digital fiat) ‘, due to the ease with which software developers can use the features of cryptocurrencies combined with the reliability of reserves guaranteed by traditional currencies (fiat). We are seeing more and more digital wallets and cryptocurrency trading platforms that develop payment products that use exclusively digital currency “, the communiqué also shows.

For example, according to Visa, the FTX platform, part of Visa Fintech Fast Track, pays 50% of its employees that work remotely in USDC.

Foto: © Melpomenem -

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