On Wednesday, Visa Inc (NYSE: V) revealed that in 2021, over $1billion worth of cryptocurrency spending activity was performed by its consumers. With over $1 billion spent on crypto-linked Visa cards in 2021, Visa’s global network is getting recognized by crypto fans.
Vasant Prabhu, Chief Financial Officer (CFO) of Visa, said that usage of cards is surging, and it becomes more accessible for people to carry their financial transactions through a visa card. He also said that they join hands with over 50 leading crypto platforms to carry out card services. As a result, the company is aiming to reach 70 million merchants worldwide.
Partnership agreements of Visa comply with rules and regulations of various countries. For instance, the recent crypto clampdowns taken by China are also taken under confederation while framing the agreement. Furthermore, in March, Visa announced that it would use cryptocurrencies to settle transactions on its payment network.
Facilitating the Cryptocurrency Community
By leveraging the USDC stablecoin on the Ethereum blockchain, Visa will directly Pegg value Ethereum to the US dollar. Thanks to that, Visa will be the first payment network to use a stablecoin as a settlement currency. Furthermore, by empowering stablecoin, Visa also facilitates the cryptocurrency community in accepting traditional financial institutions. In the past, Visa used to only rely on fiat currencies for settlements.
The Fintech Fast Track Program
In its Fintech Fast Track Program, Visa is working with major cryptocurrency-related platforms that include Blockfi, Coinbase Global Inc (NASDAQ: COIN), CIRCOR International, Inc (NYSE: CIR), & FTX. The Fintech Fast Track Program aims to make cryptocurrency more practical for business & consumer spending. Cuy Sheffield, head of Visa for the cryptocurrency, said that over $1 billion had been spent on crypto-linked Visa cards in 2021.
Although crypto platforms are facing regulatory pressures, they continue to surge their publicity. The platforms are working with leading banks globally, including Standard Chartered, Goldman Sachs Group Inc (NYSE: GS), Morgan Stanley (NYSE: MS), Invesco DB Silver Fund, and many more.